AMC launches $2.0 billion first-lien notes and new term loans to refinance debt

AMC Entertainment Holdings, Inc. announced a refinancing package that includes a private offering of $2 billion of first lien notes due 2031, syndication of a new $850 million first lien term loan, and a Deutsche Bank commitment letter for a $1.12 billion second lien term loan expected to carry a fixed 11.25% coupon.

AMC is attempting a large secured-debt refinance while publishing two-month box-office and attendance markers that show a sharp rebound versus 2025.

Refinancing package

On September 21, 2026, AMC Entertainment Holdings, Inc. (NYSE: AMC) said it commenced a private offering of $2 billion aggregate principal amount of first lien notes due 2031 and launched syndication of a new $850 million first lien term loan facility, each subject to market and other conditions. The new first-lien term loans are expected to mature five years from the closing date of the notes offering.

AMC also entered a commitment letter with Deutsche Bank AG New York Branch for a new second lien term loan facility of $1.12 billion. Those second-lien loans are expected to mature seven years from the notes closing and to carry a fixed interest rate of 11.25% per annum, subject to definitive credit documentation and consummation of the first-lien financing.

The notes and new term loans are to be guaranteed on a joint and several basis by certain wholly owned subsidiaries, including Muvico, LLC, Odeon Cinemas Group Limited, and certain Odeon subsidiaries.

Use of proceeds and tender offer

Net proceeds, together with the new term loans and cash on hand, are intended to fund a cash tender for AMC’s 7.500% Senior Secured Notes due 2029 (about $359.96 million principal outstanding), redeem any untendered 2029 notes on or about February 15, 2027, redeem Muvico’s Senior Secured Notes due 2029 in full (with make-whole), repay existing AMC/Muvico and Odeon term loans, and pay related fees and premiums. The Muvico redemption is expected to be conditioned on raising at least $3.97 billion of gross proceeds from the offering and/or other debt financings.

The tender offer purchase price is $1,009.70 per $1,000 principal amount, plus accrued interest, per the September 21 tender press release filed as Exhibit 99.3.

Preliminary August operating snapshot

Separately, Exhibit 99.1 reported preliminary unaudited figures for the two months ended August 31, 2026: North American industry box office of $2.46 billion (+34.8% year over year), company consolidated total revenue of $1.33 billion (+42.2%), attendance of 58.203 million (+35.9%), and cash and cash equivalents of $832.5 million excluding $40.9 million of restricted cash. Management stressed the figures are preliminary and subject to quarterly review procedures.