AMC Entertainment Holdings firms revolver size at $150 million

By Sara Rosenberg

New York, April 23 - AMC Entertainment Holdings Inc. finalized its five-year revolving credit facility size at $150 million, the high end of the $125 million to $150 million talk, according to a market source.

In addition to the revolver, the company's $925 million credit facility (Ba2/BB-/BB) includes a $775 million senior secured covenant-light term loan B due April 30, 2020.

The term loan B is priced at Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 993/4. This pricing was flexed earlier from talk of Libor plus 300 bps with a 1% floor and a discount of 991/2.

The B loan has 101 soft call protection for six months, amortization of 1% per annum and an accordion of the greater of $450 million and 2.25 times gross senior secured leverage.

Security is substantially all of the company's assets, as well as those of each subsidiary guarantor, and a 65% pledge of equity interest in foreign subsidiaries.

Mandatory term loan prepayments are 100% of proceeds from asset sales, 100% of debt issuances and 50% of excess cash flow subject to 2.5 times net senior secured leverage.

Proceeds will be used to refinance existing bank debt.

Citigroup Global Markets Inc. is the lead bank on the deal.

AMC is a Kansas City, Mo.-based movie exhibitor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.