AMC Entertainment Says It Will Try to Refinance High-Interest Debt

By Will Feuer

AMC Entertainment Holdings Inc. CEO Adam Aron said Monday that he wants to refinance some of the company's expensive debt to reduce its interest exposure, push out some debt maturities by several years and loosen covenants.

"In 2020 and early 2021, AMC took on debt at high interest rates to survive," Aron said on his Twitter account, which was disclosed by the company in a filing with the U.S. Securities and Exchange Commission.

"There is no guarantee of success, but we will try very hard to get this done. We are always thinking of creative ways to make AMC's future more secure," he added.

Shares in AMC were 1.2% higher in premarket trading on Monday.

Even before the Covid-19 pandemic shuttered movie theaters around the world, AMC had a significant debt load following a string of acquisitions.

Last year, the company's stock was boosted by so-called meme-stock traders who piled into shares of GameStop Corp. and other popular targets.

Under Mr. Aron's guidance, AMC has used the opportunity to raise funds by selling more shares, slashing its debt load.

Write to Will Feuer at [e-mail]

(END) Dow Jones Newswires

January 03, 2022 09:25 ET (14:25 GMT)

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