AMC Entertainment Signs Deal to Raise $223 Million, Refinance Debt and Settle Litigation
AMC Entertainment said Tuesday that it has signed a transaction support agreement with key creditor groups under which it will raise $223 million to refinance its debt maturing next year.
Shares of AMC slid over 7% in premarket trading on the news.
This move will allow for the immediate equitization of at least $143 million of existing debt, with the option of equitizing up to $337 million of existing debt.
The company said this step contributes to a complete resolution of litigation with certain holders of AMC's 7.5% senior secured notes due 2029.
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