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AMC Networks to sell $700 million secured notes due January 2029; early guidance high 10% area
By Abigail W. Adams
Portland, Me., March 25 – AMC Networks Inc. started a roadshow on Monday for a $700 million offering of senior secured notes due January 2029 with early guidance for a yield in the high 10% area, according to a market source.
The notes are non-callable for 1¾ years.
The roadshow will run through Tuesday with pricing expected thereafter.
BofA Securities Inc. is leading the Rule 144A and Regulation S offering.
Citigroup Global Markets Inc., Fifth Third Securities Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Truist Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are also bookrunners.
The notes carry an equity clawback of up to 40% and a poison put of 101.
Proceeds, together with cash on hand, will be used to fund the tender offer for the company’s 4¾% notes due 2025.
AMC Networks is a New York-based entertainment company.
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