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AMC Networks Commences Tender Offers for Senior Notes due 2024 and 2025
NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- AMC Networks Inc. (Nasdaq: AMCX) (the “Company”) announced today that it has commenced cash tender offers
About this update from Amc Global Media Inc.
[{"type":"text","content":"NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) -- AMC Networks Inc. (Nasdaq: AMCX) (the “Company”) announced today that it has commenced cash tender offers (together, the “Offers” and each, individually, an “Offer”) to purchase up to $800,000,000 aggregate principal amount (as such amount may be increased by the Company, the “Aggregate Maximum Tender Amount”) of its outstanding 5.00% Senior Notes due 2024 and 4.75% Senior Notes due 2025 (collectively, the “Notes”). The terms and conditions of the Offers are described in an Offer to Purchase, dated February 17, 2023 (the “Offer to Purchase”). The Company intends to fund the Offers, including accrued interest and fees and expenses payable in connection with the Offers, with borrowings under a new senior secured term loan credit facility and/or cash on hand. The following table sets forth certain terms of the Offers: Dollars per $1,000 Principal Amount of NotesTitle of NotesCUSIP Numbers /ISINAggregate Principal Amount Outstanding(1)Tender CapAcceptance Priority LevelTender Offer Consideration(2)Early Tender PremiumTotal Consideration(2)(3)5.00% Senior Notes due 202400164V AD5 /US00164VAD55$400,000,000N/A1$970$30$1,0004.75% Senior Notes due 202500164V AE3 /US00164VAE39$800,000,000$400,000,0002$920$30$950 (1) As of the date of the Offer to Purchase.(2) Holders will also receive accrued and unpaid interest from the applicable last interest payment with respect to the Notes accepted for purchase to, but not including, the Early Settlement Date (if any) or the Final Settlement Date, as applicable.(3) Includes the Early Tender Premium. The Offers will expire at 5:00 p.m., New York City time, on March 20, 2023, unless extended or earlier terminated by the Company (the “Expiration Date”). No tenders submitted after the Expiration Date will be valid. Holders of Notes that are validly tendered (and not validly withdrawn) at or prior to 5:00 p.m., New York City time, on March 3, 2023 (such date and time, as it may be extended, the “Early Tender Date”) and accepted for purchase pursuant to the Offers will receive the applicable Total Consideration for such series, which includes the Early Tender Premium for such series of Notes set forth in the table above (with respect to each series of Notes, the “Early Tender Premium”). Holders of Notes tendering their Notes after the Early Tender Date will only...