AMC launches $3.97 billion debt refinancing push

AMC Entertainment Holdings announced on September 21, 2026, a series of debt financing transactions designed to raise at least $3.97 billion in aggregate gross proceeds to refinance its existing obligations.

The cinema chain began a private offering of $2,000 million in aggregate principal amount of first lien notes due 2031. Alongside the bond sale, AMC launched syndication of an $850 million first lien term loan facility. It also entered into a commitment letter with Deutsche Bank AG New York Branch for a new second lien term loan facility of $1,120 million.

AMC plans to combine net proceeds from these facilities with cash on hand to fund a tender offer for its 7.500% senior secured notes due 2029, and redeem any remaining notes on or around February 15, 2027. The company will also fund the full redemption of $903.4 million in senior secured notes due 2029 issued by subsidiary Muvico, while fully repaying existing term loan facilities at AMC and Odeon Finco PLC.

AMC operates roughly 850 theatres and 9,600 screens globally. Completion of the full redemption of the Muvico notes remains conditioned on closing the new debt package and securing the minimum $3,970 million in gross financing proceeds.