Weil advised AMC Entertainment Holdings, Inc (NYSE: AMC) in the successful completion of a series of previously announced debt refinancing transactions with key creditor groups that materially strengthen the company’s capital structure and fortify the company’s balance sheet and financial flexibility.
The transactions garnered overwhelming support from creditors. This support enabled AMC to quickly close the full suite of coordinated transactions, including new capital funding, potential significant debt reduction and litigation resolution.
Highlights of the completed transactions include:
- Approximately $244 million in new financing and exchange of $590 million of existing notes for $857 million of new Senior Secured Notes due 2029;
- The equitization of $143 million of AMC’s 6.00%/8.00% Senior Secured Exchangeable Notes due 2030, with the potential to equitize up to a total of $337 million of existing debt; and
- Full resolution of litigation with holders of AMC’s 7.5% Senior Secured Notes due 2029.
The Weil team was led by Capital Markets partner Corey Chivers, Banking & Finance partner Vynessa Nemunaitis and Restructuring partner Gabriel Morgan and included Capital Markets partner Michael Stein and associates Michael Cremers, Ari Anderson, Justin Deuell and Danny O’Hara; Banking & Finance partner Justina Chen and associates April Lewtak, Eunice Choi and Libby Vinson; Restructuring associates Justin Kanoff and Jason George; Tax partner Graham Magill and associates Madeline Joerg and Dylan Lionberger; and Securities Litigation partners John Neuwirth, Joshua Amsel and Matthew Connors and associate Tanner Stanley.