AMC Entertainment Overhauls Debt Amid Box Office Recovery
AMC Entertainment Holdings Inc. is restructuring its capital structure by offering new debt to refinance existing first- and second-lien obligations, extending maturities in the process. The company has initiated a $2 billion private bond sale and syndicated an $850 million loan, with Deutsche Bank AG committing to a $1.12 billion second-lien loan. This move follows strong box office performance this summer, which saw U.S. and Canadian theaters generate record ticket sales of $4.77 billion. AMC's shares have surged 73% in the past year amid improved financial health and an S&P Global Ratings upgrade to B- in July due to its record second-quarter results. The company had total corporate borrowings of $3.7 billion as of June 30, according to a quarterly report. AMC has previously executed several debt-and-equity deals since navigating near-bankruptcy during the pandemic and meme-stock volatility. The new financing allows AMC to pay off previous debts under more favorable terms if broader refinancing is successful.
Tickers: $AMC
Topics: capital structure overhaul debt refinancing movie industry recovery