Posted 12/11/2023, 10:34:00 PM
AMC Bolsters Balance Sheet with $350M Equity Deal, Uses Funds to Repurchase Debt and Issue Stock
- AMC completed a $350 million equity offering, selling 48 million shares at $7.29 per share
- Used portion of proceeds to repurchase $50 million of 10% second lien notes at a 19.67% discount
- Exchanged $12.275 million of second lien notes plus interest for 1.6 million shares at $8.19 per share
- In 2023, AMC has raised $865 million in equity and reduced liabilities by $440 million
- AMC Chairman/CEO Adam Aron stated the moves bolster liquidity and strengthen the balance sheet