Entertainment

Struggling AMC Cinemas Plan To Raise $ 500 Million Via Offer – Variety

Faced with the prospect of remaining closed for several months due to the coronavirus pandemic, the besieged exhibitor AMC Entertainment has announced its intention to raise $ 500 million in new debt to improve its balance sheet.

The funds from the senior notes offering, which will have to be repaid in 2025, should be enough to keep the company going until mid-summer, AMC said in a report released Thursday.

“Due to the significant steps taken by the company, we believe our current cash balance is sufficient to withstand an overall suspension of operations until a partial reopening in July,” said AMC. “After giving effect to the proposed ticket offering, we believe that the company will have sufficient liquidity to withstand an overall suspension of operations until a partial reopening before Thanksgiving.”

AMC shares rose 37% to $ 3.35 a share after hours on Thursday as investors reacted to the news of the offer and the White House announcing details of plans to reopen theaters.

The CMA said the pandemic has had, and will likely continue to have, a “serious and unprecedented” impact on the world and warned that the closings could continue beyond June.

“During this period, the company does not actually generate any income. The company will consider before the end of June 2020, in conjunction with the potential lifting of various government operating restrictions, whether it should extend this suspension in respect of some or all of our cinemas. There is no guarantee, however, that such government-imposed restrictions will be lifted and these restrictions may be extended beyond June 2020. ”

AMC also disclosed that as of March 31, it had $ 299.8 million in cash, including borrowings of $ 215.0 million drawn on a revolving line of credit and £ 89.2 million ( $ 111.4 million) drawn on another revolving credit facility for Odeon Cinemas. the UK

Analysts say the chain may also be on the brink of bankruptcy. The likelihood of a bankruptcy reorganization does not mean that the 634 AMC sites in the United States and Canada – and more than 1,000 sites worldwide – will permanently close.

Last week, Wall Street analysts downgraded the company’s stock from “neutral” to “sold”, signaling that the value of the country’s largest theater chain is expected to decline in the coming months as it doesn’t there is no clear path for the reopening of desperate multiplexes.

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