Mega-exhibitor AMC Theatres completed several stock exchange agreements at the end of 2023 to pay down a looming debt load.
In a securities filing on Tuesday, parent AMC Entertainment Holdings reported it completed a “series of privately negotiated exchange agreements” between Dec. 28 and Dec. 29, 2023 covering in all 3.25 million class A shares in exchange for $22.5 million for a buyback of notes due in 2026.
AMC said the common stock had an implied value of $6.94, or a premium over the closing price of $6.14 on Tuesday on the NYSE. “The company may engage in similar transactions in the future, but is under no obligation to do so,” the company said in the filing.
The unregistered stock swap agreements come as AMC grapples with a heavy debt burden and CEO Adam Aron Aron continues to raise fresh cash, where possible, to run the business. That means successive capital raises to offset the company’s high debt...
In a securities filing on Tuesday, parent AMC Entertainment Holdings reported it completed a “series of privately negotiated exchange agreements” between Dec. 28 and Dec. 29, 2023 covering in all 3.25 million class A shares in exchange for $22.5 million for a buyback of notes due in 2026.
AMC said the common stock had an implied value of $6.94, or a premium over the closing price of $6.14 on Tuesday on the NYSE. “The company may engage in similar transactions in the future, but is under no obligation to do so,” the company said in the filing.
The unregistered stock swap agreements come as AMC grapples with a heavy debt burden and CEO Adam Aron Aron continues to raise fresh cash, where possible, to run the business. That means successive capital raises to offset the company’s high debt...
- 1/2/2024
- by Etan Vlessing
- The Hollywood Reporter - Movie News
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