AMC Raises $917 Million to Weather ‘Dark Coronavirus-Impacted Winter’

AMC Raises $917 Million to Weather ‘Dark Coronavirus-Impacted Winter’
AMC Theatres, the world’s largest cinema chain, has raised $917 million in new equity and debt capital, the company said on Monday.

“This increased liquidity should allow the company to make it through this dark coronavirus-impacted winter,” the company said, adding that its “financial runway has been extended deep into 2021.”

AMC has raised the finances from Dec. 14, 2020. Of the $917 million, AMC has raised $506 million of equity, from the issuance of 164.7 million new common shares, along with the previously announced securing of $100 million of additional first-lien debt and the concurrent issuance of 22 million new common shares to convert $100 million of second-lien debt into equity.

In addition, the company has executed commitment letters for $411 million of incremental debt capital in place through mid-2023, unless repaid before then, through the upsizing and refinancing of its European revolving credit facility.

The chain says that it presumes that it will continue to make progress in
See full article at Variety - Film News »

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