AMC (NYSE: AMC) announced the closing of its previously announced registered direct offering of 95.25 million shares of common stock, generating approximately $200 million in gross proceeds before fees and expenses. The company said it intends to use the proceeds primarily to redeem all $125.47 million of its 6.125% Senior Subordinated Notes due 2027, eliminating any anticipated material debt principal repayments before 2029.
The company said the remaining proceeds will support general corporate purposes, strengthen its cash reserves and fund targeted investments in seating upgrades and premium screens at selected higher-grossing theaters. AMC said the debt repayment is expected to reduce annual cash interest expense by approximately $7.7 million while enhancing its financial position and supporting growth-oriented capital investments.
To view the full press release, visit https://ibn.fm/td6Vp
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 850 theatres and 9,600 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
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