AMC raises $110M equity, exchanges $100M debt for APEs; seeks vote to convert APEs and reverse-split common

AMC ENTERTAINMENT HOLDINGS, INC.

Raised $110M equity via sale of 60M APEs ($34.9M) and 106.6M APEs ($75.1M) to Antara at $0.660/unit.
Reduced debt by $100M principal via exchange of ~91M APEs for 2nd Lien Notes due 2026; cuts annual interest by ~$10M.
Proposes special meeting within 90 days to vote on converting APEs into common shares and a 1:10 reverse stock split.
Antara agrees to lock-up APEs for 90 days and vote in favor; AMC caps additional equity raises until meeting.
Closing conditioned on HSR antitrust waiting period; expected on the business day after expiration.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMC ENTERTAINMENT HOLDINGS, INC. entered into Forward Purchase Agreement with Antara Capital, LP valued at $75.1 million (effective 2022-12-22).

Action: entry
Agreement: equity purchase
Counterparty: Antara Capital, LP
Value: $75.1 million
Effective: 2022-12-22

Exact text from the filing

On December 22, 2022, AMC Entertainment Holdings, Inc. (the “Company” or “AMC”) announced it entered into a forward purchase agreement (the “Forward Purchase Agreement”) with Antara Capital, LP (the “Investor”), pursuant to which the Company will, subject to the satisfaction of certain closing conditions, (i) sell to the Investor 106,595,106 AMC Preferred Equity Units (“APEs”) for an aggregate purchase price of $75.1 million (the “Forward Purchase APEs”) and (ii) simultaneously purchase from the Investor, on a private basis, $100 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes due 2026 (the “Exchange Notes”) in exchange for 91,026,191 APEs (together with the Forward Purchase APEs, the “Private Placement APEs”).

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623 material agreements filed in the last 30 days. Browse all material agreements →

AMC ENTERTAINMENT HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-129353

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