AMC Entertainment Raises $3.97B in Notes, Loans to Fund Debt Redemptions

AMC Entertainment Holdings, Inc. (NYSE: AMC) has priced a $2 billion private offering of 8.875% first-lien notes due 2031, alongside an $850 million term loan facility, to fund a series of debt redemptions and repayments. The combined proceeds, including cash on hand, are expected to total at least $3.97 billion, contingent on the successful completion of the offering and the new term loan facility. The financing will cover the redemption of AMC’s outstanding 7.500% Senior Secured Notes due 2029, Muvico’s $903.4 million in Senior Secured Notes due 2029, and repayments of existing term loans for both AMC and Odeon Finco PLC. The term loans carry a SOFR plus 4.50% interest rate, with an original issue discount of 1.50%. The notes and loans are secured by AMC’s subsidiaries, including Muvico, LLC, and Odeon Cinemas Group Limited, and were offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. investors pursuant to Regulation S. The transaction is expected to close by October 5, 2026, with redemption of non-tendered notes due on or about February 15, 2027. AMC operates approximately 850 theaters and 9,600 screens globally, leveraging its cinema network to support the financial restructuring.