NEW YORK - AMC Networks Inc. (NASDAQ:AMCX) announced today its intention to offer $700 million in senior secured notes due in 2029, contingent on market conditions and other factors. The notes will be guaranteed by AMC Networks’ domestic subsidiaries, with certain exceptions, and are aimed at funding the company's tender offer to purchase its outstanding 4.75% Senior Notes due in 2025.
The proceeds from this private offering, alongside cash or other liquid assets, are expected to be used to buy back the approximately $775 million of the 2025 Notes currently in circulation. Following the tender offer, any remaining 2025 Notes will be redeemed. This strategic financial move is designed to manage the company’s debt more effectively by replacing the older notes with new ones that have a later maturity date.
The offering is directed at qualified institutional buyers in the United States and certain international investors, in compliance with Rule 144A and Regulation S under the Securities Act of 1933, respectively. The notes have not been registered under the Securities Act or any state securities laws, hence they cannot be offered or sold within the United States without an exemption from registration requirements.
AMC Networks is known for producing and delivering a wide array of popular series and films through its various brands. The company’s portfolio includes AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK, and HIDIVE streaming services, as well as the AMC, BBC AMERICA, IFC, SundanceTV, and WE tv cable networks. It also encompasses IFC Films and RLJE Films distribution labels, AMC Studios, and AMC Networks International.
This financial maneuver is part of AMC Networks' broader strategy to optimize its capital structure and manage its debt. The information provided in this article is based on a press release statement from AMC Networks.
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