AMC Entertainment completes $3.97 billion debt refinancing

AMC Entertainment Holdings (NYSE: AMC) has completed a $3.97 billion refinancing of existing debt, extending most of its debt maturities to 2031 and 2033, according to a company press release.

The refinancing includes $2 billion in first lien notes due 2031, an $850 million first lien term loan facility, and a $1.12 billion second lien term loan facility provided by Deutsche Bank Special Situations Group. The notes and term loan facilities are guaranteed on a senior secured basis by certain wholly-owned subsidiaries, including Muvico, LLC and Odeon Cinemas Group Limited.

Proceeds from the transaction were used to fund a tender offer for the company's outstanding 7.500% Senior Secured Notes due 2029, repay existing term loan facilities for AMC and its subsidiary Odeon Finco PLC, and redeem Muvico's $903.4 million in Senior Secured Notes due 2029. Approximately 98.8% of the AMC Secured Notes were tendered, with the tender offer settling on Oct. 5, 2026. Any remaining notes are expected to be redeemed on or about Feb. 15, 2027.

AMC Chairman and CEO Adam Aron said the refinancing covered approximately 97% of the company's debt and "simplified our capital structure and reduced our cost of capital." Aron noted that since 2020, AMC has paid down nearly $2 billion in long-term debt and COVID-related lease deferrals.

Wells Fargo Securities, Deutsche Bank Securities, Citigroup, and Goldman Sachs & Co. LLC served as investment banking partners. Moelis & Company LLC and Weil, Gotshal & Manges LLP acted as advisors.

The notes were offered in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. investors under Regulation S, and have not been registered under the Securities Act of 1933.

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