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AMC Networks terminates tender offer, cites market conditions
By Mary-Katherine Stinson
Lexington, Ky., March 16 – AMC Networks Inc. said it terminated its tender offer as market conditions did not allow the company to obtain a new senior secured term loan facility on favorable terms, according to a press release.
The offer for up to $800 million total principal amount of its $400 million outstanding 5% senior notes due 2024 (Cusip: 00164VAD5) and $800 million outstanding 4¾% senior notes due 2025 (Cusip: 00164VAE3) was conditioned on the company receiving borrowings in an amount sufficient to fund the offer along with cash on hand.
All tendered notes will be returned to the noteholders and no consideration will be paid.
As previously reported, the early results of the offer, listed in acceptance priority, were as follows:
• $361.26 million of the $400 million outstanding 5% senior notes due 2024 were tendered; and
• $682,917,000 of the $800 million outstanding 4¾% senior notes due 2025 were tendered.
The 2024 notes had acceptance priority over the 2025 notes, which had a series cap of $400 million.
For each $1,000 principal amount of notes, AMC was offering a total purchase price of $1,000 for the 2024 notes and $950 for the 2025 notes, which included a $30 premium for those holders who tendered by the early deadline.
The early deadline and the withdrawal deadline were 5 p.m. ET on March 3.
The offer was set to expire at 5 p.m. ET on March 20.
BofA Securities, Inc. (888 292-0070 or 980 388-3646) was the lead dealer manager. The co-dealer managers were J.P. Morgan Securities LLC (866 834-4666 or 212 834-3554) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106).
D.F. King & Co., Inc. (866 829-1035 or 212 269-5550) was the information agent.
AMC is a New York-based entertainment company.
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