AMC Entertainment Announces $2.85B First‑Lien Debt Financing

What Happened

• On Sep. 23, 2026 (8‑K filed Sep. 24, 2026), AMC announced it priced $2,000 million aggregate principal of 8.875% first‑lien notes due 2031 and $850 million of new first‑lien term loans (SOFR + 4.50%, 1.50% original issue discount), expected to close on or about Oct. 5, 2026. These financings, together with a previously announced $1,120 million second‑lien term loan facility, are intended to provide proceeds to refinance and redeem certain 2029 secured notes and other term loans.
• The new notes and term loans will be senior secured and guaranteed by certain existing and future wholly‑owned subsidiaries, including Muvico, LLC and Odeon Cinemas Group Limited and its subsidiaries.

Key Details

• $2,000 million of 8.875% first‑lien notes due 2031 (private offering under Rule 144A/Reg S; not registered).
• $850 million New 1L Term Loans: interest = SOFR + 4.50%, 1.50% original issue discount, expected maturity Oct. 5, 2031.
• Use of proceeds: fund a tender offer for AMC’s 7.500% Senior Secured Notes due 2029, redeem any remaining 2029 secured notes (on or about Feb. 15, 2027), redeem Muvico’s 2029 senior secured notes in full, repay outstanding term loans under two credit agreements, and pay related fees/costs.
• The Tender Offer and the conditional full Redemption of Muvico’s notes are conditioned on closing the Offering and New Term Loan Facilities and/or other financings that produce at least $3,970 million of aggregate gross proceeds.

Why It Matters

• This transaction is a refinancing move that extends debt maturities to 2031 and is intended to retire AMC’s and affiliates’ near‑term secured maturities in 2029, which could reduce short‑term liquidity pressure if the financings close as planned.
• The new borrowings are secured and relatively expensive (8.875% coupon on the notes; floating SOFR spreads on the term loans), and closing is subject to customary conditions and achieving aggregate proceeds thresholds — outcomes that can materially affect AMC’s capital structure and investors’ risk exposure.
• The filing also includes customary forward‑looking statements and risk disclosures; investors should note the transactions are not completed until all closing conditions are satisfied.