AMC Networks Inc. Announces Private Offering of $125 Million of Convertible Senior Notes
17 Juin 2024 - 12:43PM
AMC Networks Inc. (Nasdaq: AMCX) (the “Company” or “AMC Networks”)
today announced that it intends to offer, subject to market
conditions and other factors, $125 million aggregate principal
amount of convertible senior notes due 2029 in a private offering
to persons reasonably believed to be qualified institutional buyers
pursuant to Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”). In connection with the offering of the
notes, AMC Networks expects to grant the initial purchasers an
option to purchase, for settlement within a 13-day period beginning
on, and including, the first day on which the notes are issued, up
to an additional $18.75 million aggregate principal amount of the
notes.
AMC Networks expects to use the net proceeds from the offering
for general corporate purposes, which may include the repayment of
indebtedness.
The notes will be fully and unconditionally guaranteed, on a
joint and several basis, by each of AMC Networks’ existing and
future domestic subsidiaries that guarantee its existing credit
facilities and senior notes, subject to certain exceptions, on a
senior, unsecured basis. The notes will be general senior unsecured
obligations of AMC Networks and will mature on February 15, 2029,
unless redeemed, repurchased or converted earlier in accordance
with their terms. The initial conversion rate, interest rate, and
certain other terms of the notes will be determined by negotiations
between AMC Networks and the initial purchasers. Prior to November
15, 2028, the notes will be convertible only upon satisfaction of
certain conditions and during certain periods, and, thereafter, the
notes will be convertible at any time until the close of business
on the second scheduled trading day immediately preceding the
maturity date. Upon conversion, AMC Networks will pay or deliver,
as the case may be, cash, shares of AMC Networks’ Class A common
stock or a combination of cash and shares of AMC Networks’ Class A
common stock, at its election.
The notes will be offered to persons reasonably believed to be
qualified institutional buyers pursuant to Rule 144A under the
Securities Act. The offer and sale of the notes and the shares of
AMC Networks’ Class A common stock issuable upon conversion of the
notes, if any, have not been registered under the Securities Act or
the securities laws of any other jurisdiction, and the notes and
any such shares may not be offered or sold absent registration or
an applicable exemption from such registration requirements.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any securities, including the notes
or AMC Networks’ Class A common stock, nor shall there be any sale
of securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About AMC Networks
AMC Networks (Nasdaq: AMCX) is home to many of the greatest
stories and characters in TV and film and the premier destination
for passionate and engaged fan communities around the world. The
company creates and curates celebrated series and films across
distinct brands and makes them available to audiences everywhere.
Its portfolio includes targeted streaming services AMC+, Acorn TV,
Shudder, Sundance Now, ALLBLK and HIDIVE; cable networks AMC, BBC
AMERICA (operated through a joint venture with BBC Studios), IFC,
SundanceTV and WE tv; and film distribution labels IFC Films and
RLJE Films. The company also operates AMC Studios, its in-house
studio, production and distribution operation behind acclaimed and
fan-favorite original franchises including The Walking Dead
Universe and the Anne Rice Immortal Universe; and AMC Networks
International, its international programming business.
Forward-Looking Statements
This press release may contain statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
concerning the timing and completion of the offering of the notes
and the anticipated use of proceeds from the offering. Investors
are cautioned that any such forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties, and that actual results, developments or events may
differ materially from those in the forward-looking statements as a
result of various factors, including financial community
perceptions of the Company and its business, operations, financial
condition and the industries in which it operates and the factors
described in the Company’s filings with the Securities and Exchange
Commission, including the sections titled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” contained therein. The Company disclaims any
obligation to update any forward-looking statements contained
herein.
Contacts
Investor RelationsNicholas
Seibertnicholas.seibert@amcnetworks.com |
Corporate CommunicationsGeorgia
Juvelisgeorgia.juvelis@amcnetworks.com |
AMC Networks (NASDAQ:AMCX)
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