AMC Networks Inc. 8-K

What Happened

• On February 23, 2026, AMC Networks Inc. announced a private exchange offer and related consent solicitation for its outstanding 10.25% Senior Secured Notes due 2029 (the “Old Notes”).
• The company is offering to exchange Old Notes (approximately $875 million aggregate principal outstanding) for newly issued 10.50% Senior Secured Notes due 2032 (the “New Notes”) in a private offering to eligible holders.
• Early tenders submitted by 5:00 p.m. New York City time on March 6, 2026 (the “Early Tender Time”) will receive Total Consideration of $1,065 in principal amount of New Notes for each $1,000 principal of Old Notes (includes a $50 early tender premium). Tenders after the Early Tender Time but on or before 5:00 p.m. New York City time on March 23, 2026 (the “Expiration Time”) will receive Exchange Consideration of $1,015 in New Notes per $1,000 Old Notes.
• The consideration will be reduced by a “Net Interest Deduction” reflecting the difference in accrued interest between the Old and New Notes for the applicable settlement date. The exchange is conditioned on receipt of required consents to amend certain covenants in the Old Notes’ indenture.

Key Details

• Old Notes: 10.25% Senior Secured Notes due 2029; approx. $875 million outstanding.
• New Notes: 10.50% Senior Secured Notes due 2032 offered in exchange.
• Early Tender Deadline: March 6, 2026, 5:00 p.m. NYC (Total Consideration $1,065 per $1,000); Expiration: March 23, 2026, 5:00 p.m. NYC (Exchange Consideration $1,015 per $1,000).
• Offer is private and limited to eligible holders; acceptance depends on conditions in the Confidential Offering Memorandum, including obtaining requisite consents to amend covenants.

Why It Matters

• For holders: This gives existing investors a way to exchange shorter‑dated 2029 notes for longer‑dated 2032 notes with a built‑in early tender premium; actual received amount will be adjusted for accrued interest differences.
• For AMC Networks: The transaction, if completed, would extend the company’s secured debt maturities to 2032 and modify covenants (subject to consent), which can affect the company’s near‑term cash flow needs and covenant flexibility.
• Important investor notes: The offer is private and only for eligible holders, is subject to conditions and required consents, and the company expressly states this announcement is not a solicitation in jurisdictions where prohibited.