AMC Entertainment Holdings, Inc. Repurchases $72.5 Million of Its Second Lien Debt at a 31% Discount
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, 2022 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.