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AMC Entertainment wraps tender offer for $250 million 8 5/8% notes
By Susanna Moon
Chicago, June 23 - AMC Entertainment Inc. said it completed the tender offer and consent solicitation for $250 million principal amount of the 8 5/8% notes, which began May 26.
The offer expired at midnight ET on June 22.
AMC received tenders and consents from holders of $238,065,000, or 95.23%, of its outstanding 8 5/8% senior notes due 2012 by 5 p.m. ET on June 8, the consent deadline.
No additional notes were tendered after that date.
AMC noted on July 9 that the consents received exceeded the number needed to approve the proposed amendments to the indenture.
Holders who tendered by the consent date were to receive $1,030 per $1,000 principal amount of the notes, including a $30 consent fee.
Holders also were to receive accrued interest up to but excluding the settlement date.
AMC previously said it would execute a supplemental indenture that will eliminate substantially all of the restrictive covenants and certain events of default and reduce the required notice period contained in the optional redemption provisions. The supplemental indenture was to become operative June 10 upon payment for the notes tendered.
As previously noted, the company offered to redeem any notes outstanding after the tender offer at a price of $1,021.56 per $1,000 principal amount as soon as practicable after Aug. 15.
The company planned to use proceeds from a private placement of $300 million principal amount of senior notes due 2019 to fund the tender offer.
The tender offer was subject to raising at least $300 million in gross proceeds through the private placement and the receipt of the needed consents.
Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-1862) is the dealer manager, and Global Bondholder Services Corp. (866 488-1500 or 212 430-3774) is the information agent.
AMC Entertainment Inc. is a theatrical exhibition and entertainment company based in Kansas City, Mo.
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