AMC Networks Announces Final Results of Modified Dutch Auction Tender Offer
October 21 2020 - 7:00AM
AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX)
today announced the final results of its modified Dutch auction
tender offer, which expired at 12:00 midnight, New York City time,
on October 14, 2020.
Based on the final count by Equiniti Trust
Company, the depositary for the tender offer (the “Depositary”),
AMC Networks has accepted for purchase 10,802,550 shares of its
Class A common stock, par value $0.01 per share (the “Class A
Shares”), at a price of $23.20 per Class A Share, for an aggregate
cost of $250,619,160, excluding fees and expenses relating to the
tender offer. The repurchased Class A Shares represent
approximately 26.6 percent of the Class A Shares issued and
outstanding as of October 13, 2020. Included in the 10,802,550
Class A Shares AMC Networks accepted for purchase in the tender
offer are 26,688 Class A Shares that AMC Networks elected to
purchase pursuant to its right to purchase up to an additional 2%
of its outstanding Class A Shares. As AMC Networks accepted for
purchase all the Class A Shares that were properly tendered and not
properly withdrawn at a price at or below $23.20, there is no
proration factor. The Company will pay for the Class A Share
repurchases with available cash. The Depositary will promptly pay
for all Class A Shares accepted for payment pursuant to the tender
offer, and will return all Class A Shares tendered and not
purchased in the tender offer.
BofA Securities, Inc. and Citigroup Global
Markets Inc. acted as joint dealer managers for the tender offer,
D.F. King & Co., Inc. acted as information agent for the tender
offer and Equiniti Trust Company acted as the depositary for the
tender offer. Stockholders who have questions or would like
additional information about the tender offer may contact the
information agent, D.F. King & Co., Inc., toll-free at (877)
478-5043; banks and brokers may call D.F. King at (212) 269-5550 or
the joint dealer managers, BofA Securities, Inc. and Citigroup
Global Markets Inc. at (888) 803-9655 and (877) 531-8365,
respectively.
About AMC Networks Inc. AMC Networks is a global
entertainment company known for delivering high-quality content to
audiences and a valuable platform to distributors and advertisers.
The Company, which operates several of the most recognizable brands
in entertainment, manages its business through two operating
segments: (i) National Networks, which principally includes AMC,
BBC AMERICA, IFC, SundanceTV and WE tv; and AMC Studios, the
Company’s television production business; and (ii) International
and Other, which principally includes AMC Networks International,
the Company’s international programming business; AMC Networks
SVOD, the Company’s targeted subscription streaming services, Acorn
TV, Shudder, Sundance Now and UMC (Urban Movie Channel); Levity
Entertainment Group, the Company’s production services and comedy
venues business; and IFC Films, the Company’s independent film
distribution business. For more information on AMC Networks, please
visit the Company’s website at www.amcnetworks.com.
Forward Looking Statements This press release
may contain statements that constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management’s current
expectations and are subject to uncertainty and changes in
circumstances. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
or results and involve risks and uncertainties, and that actual
results or developments may differ materially from those in the
forward-looking statements as a result of various factors,
including financial community and rating agency perceptions of the
Company and its business, operations, financial condition and the
industry in which it operates and the factors described in the
Company’s filings with the Securities and Exchange Commission,
including the sections titled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” contained therein. The Company disclaims any obligation
to update any forward-looking statements contained herein.
Contacts:
Investor Relations Seth Zaslow (646) 273-3766
seth.zaslow@amcnetworks.com |
Corporate Communications Georgia Juvelis (917) 542-6390
Georgia.juvelis@amcnetworks.com |
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