2022-09-26 09:17:26 AMC AMC Entertainment
09/26/22 09/2609:17 09/26/2209:17 | AMC Entertainment files for possible sale of up to 425M Preferred Equity unitsIn a regulatory filing, AMC Entertainment stated: "On August 19, 2022, AMC Entertainment Holdings paid to holders of its Class A common stock a dividend consisting of AMC Preferred Equity Units. At the time, AMC disclosed that the new AMC Preferred Equity Units provide the company with a currency that can be used in the future, among other things, to further strengthen its balance sheet, including by paying down some of its debt and other liabilities. As a natural next step, today AMC entered into an equity distribution agreement to allow for the sale from time to time of up to a maximum of 425,000,000 AMC Preferred Equity Units. The size of this program reflects the total number of AMC Preferred Equity Units currently authorized less a portion held back for equity awards under existing, or if approved by stockholders, future equity incentive plans. The Equity Distribution Agreement is designed to provide significant flexibility to the company in achieving its goals over time. The company is not obligated to sell any AMC Preferred Equity Units under the Equity Distribution Agreement and may at any time suspend solicitation and offers under the Equity Distribution Agreement. The Equity Distribution Agreement is with Citigroup Global Markets Inc. as sales agent and allows AMC to control the timing, amount and pricing of any future sales, subject to, among other things, market conditions and trading volumes. The company intends to use the net proceeds, if any, from the sale of AMC Preferred Equity Units primarily to repay, refinance, redeem or repurchase the company's existing indebtedness and otherwise for general corporate purposes." |
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