AMC Launches $2B Bond Sale, $850M Loan to Refinance Debt After Record Summer Box Office

AMC Entertainment Holdings Inc. (NYSE: AMC) began a $2 billion private bond offering and launched syndication of an $850 million loan on Monday, part of a plan to refinance first- and second-lien debt and extend maturities. The theater chain also entered a commitment letter with Deutsche Bank AG for a $1.12 billion second-lien loan. AMC had $3.7 billion of corporate borrowings as of June 30. The refinancing follows a record summer for domestic theaters, which sold $4.77 billion in tickets, according to Rentrak. AMC shares have surged 73% this year, and S&P Global Ratings upgraded the company to B- in July, citing record second-quarter results.