AMC Entertainment launches $3.97B debt refinancing plan

AMC Entertainment Holdings, Inc. (NYSE: AMC) announced it has commenced a private offering of $2.0 billion in first lien notes due 2031 and launched syndication of a new $850 million first lien term loan facility.

The company also entered into a commitment letter with Deutsche Bank AG New York Branch for a new second lien term loan facility totaling $1.12 billion, contingent on the completion of the first lien financing and other customary conditions.

Proceeds from the combined transactions, which total at least $3.97 billion in aggregate gross proceeds, will be used to retire several existing debt obligations. These include a tender offer for the company's outstanding 7.500% Senior Secured Notes due 2029, a full redemption of Muvico, LLC's $903.4 million Senior Secured Notes due 2029, and full repayment of AMC's existing term loan facility. Proceeds will also repay the existing term loan of Odeon Finco PLC, an indirect subsidiary of AMC, and cover related fees and expenses.

Any AMC Secured Notes not tendered or accepted in the tender offer are expected to be redeemed on or about February 15, 2027.

The notes and related guarantees are being offered exclusively to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. investors under Regulation S. The notes have not been registered under the Securities Act and may not be publicly offered or sold in the United States without applicable exemptions.

AMC said the Muvico note redemption is conditioned upon consummation of the offering and entry into the new term loan facilities, generating at least $3.97 billion in aggregate gross proceeds. The company cautioned that there can be no assurance the transactions will be completed or conditions satisfied.

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