AMC Entertainment Holdings, Inc. Repurchases $72.5 Million of Its Second Lien Debt at a 31% Discount
July 20 2022 - 7:45AM
Business Wire
AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the
Company”), the largest theatrical exhibition company in the world,
announced today that during the second quarter ended June 30, 3022
it strengthened its balance sheet by repurchasing approximately
$72.5 million of its 10.0% Second Lien Subordinated Secured Notes
due 2026, through the open market, for approximately $50.0 million,
representing a 31% discount to the face value of the debt. As a
result of this debt reduction, AMC’s annual interest cost will be
reduced by $7.25 million.
Commenting on the debt repurchase, Adam Aron, AMC Chairman and
CEO said, “Thanks to our passionate and supportive shareholders who
helped us build a war chest of cash, and in light of the continued
recovery of theatrical exhibition, we are very pleased to announce
that the Company was able to repurchase more than $72 million of
second lien debt at a significant and beneficial discount.”
Aron added, “This action is one more step along our recovery
glidepath. We will continue to seek creative and meaningful
strategies to further strengthen our balance sheet and create value
for our shareholders in the future.”
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, website, 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
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version on businesswire.com: https://www.businesswire.com/news/home/20220720005029/en/
INVESTOR RELATIONS: John Merriwether, 866-248-3872
InvestorRelations@amctheatres.com
MEDIA CONTACTS: Ryan Noonan, (913) 213-2183
rnoonan@amctheatres.com
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