AMC Entertainment Announces Debt-for-Equity Swap
AMC entered exchange agreements on May 14 to issue more than 23 million shares of its Class A common stock in exchange for around $163.85 million of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026.
– Date of Announcement: May 14
– Exchange Agreement: AMC will issue over 23 million shares of its Class A common stock.
– Debt Conversion: The shares will be exchanged for approximately $163.85 million of AMC’s 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026.
– Share Valuation: The debt-for-equity swap values the shares at $7.33 each.
– Purpose: This move is aimed at improving AMC’s financial flexibility.
– Summary: AMC has successfully negotiated the exchange of $163.85 million in subordinated notes for 23.28 million shares, each valued at $7.33.
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