AMC Entertainment Holdings, Inc. Exercises Option to Repurchase Some of its First Lien Debt
September 30 2021 - 5:47PM
Business Wire
AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the
Company”), announced today that it has exercised an option to
repurchase $35 million of its 15% cash / 17% payment-in-kind
(“PIK”) Toggle First Lien Secured Notes due 2026. The total cost to
exercise this repurchase option was $41.3 million, including
principal and accrued and unpaid interest. As a result of this debt
reduction, AMC’s annual interest cost has been reduced by $5.25
million.
“The repurchase of some of our highest cost debt is one of the
many steps that we are taking to optimally position AMC for the
future,” said Adam Aron, AMC’s Chairman and CEO. “In addition to
reducing our interest-bearing debt, we are also using our enhanced
liquidity and improving business fundamentals to make meaningful
reductions in deferred rent obligations. At the same time, we
continue to take steps to improve our operating results and we are
capitalizing on opportunities to grow and enhance our
business.”
Aron concluded, “At AMC our recent innovations include showing
alternative content at our theatres such as exclusive musical
experiences, and WWE and UFC programming; our commitment to accept
cryptocurrency starting with Bitcoin, Ethereum, Litecoin and
Bitcoin Cash before year-end, as well as exploring the possibility
of accepting Dogecoin; and our unprecedented national multi-media
marketing campaign featuring Academy Award winner Nicole Kidman.
This all comes at a time when we believe that the upcoming movie
slate is incredibly exciting, and studios currently seem to be
re-committing to an exclusive theatrical window.”
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the United
States, the largest in Europe and the largest throughout the world
with approximately 950 theatres and 10,500 screens across the
globe. AMC has propelled innovation in the exhibition industry by:
deploying its Signature power-recliner seats; delivering enhanced
food and beverage choices; generating greater guest engagement
through its loyalty and subscription programs, web site and mobile
apps; offering premium large format experiences and playing a wide
variety of content including the latest Hollywood releases and
independent programming. For more information, visit
www.amctheatres.com.
Website Information
This press release, along with other news about AMC, is
available at www.amctheatres.com. We routinely post information
that may be important to investors in the Investor Relations
section of our website, www.investor.amctheatres.com. We use this
website as a means of disclosing material, non-public information
and for complying with our disclosure obligations under Regulation
FD, and we encourage investors to consult that section of our
website regularly for important information about AMC. The
information contained on, or that may be accessed through, our
website is not incorporated by reference into, and is not a part
of, this document. Investors interested in automatically receiving
news and information when posted to our website can also visit
www.investor.amctheatres.com to sign up for email alerts.
Category: Company Release
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210930006003/en/
INVESTOR RELATIONS: John Merriwether, 866-248-3872
InvestorRelations@amctheatres.com
MEDIA CONTACTS: Ryan Noonan, (913) 213-2183
rnoonan@amctheatres.com
AMC Entertainment (NYSE:AMC)
Historical Stock Chart
From Aug 2024 to Sep 2024
AMC Entertainment (NYSE:AMC)
Historical Stock Chart
From Sep 2023 to Sep 2024