NEW YORK - AMC Networks Inc. (NASDAQ:AMCX), a global entertainment company, announced today the initiation of a cash tender offer to purchase all of its 4.75% Senior Notes due in 2025. The offer is detailed in an Offer to Purchase dated today, with the company planning to finance the transaction through a mix of cash on hand, other immediately available funds, and the net proceeds from a new offering of senior secured notes.
Holders of the outstanding $774.7 million aggregate principal amount of the 4.75% Senior Notes have the option to tender their notes for $1,000 per $1,000 principal amount if submitted by the early tender date, which includes a $30 early tender premium.
After the early tender date, the tender offer consideration will be $970 per $1,000 principal amount. In addition to the tender offer consideration, holders will receive accrued and unpaid interest up to, but not including, the settlement date.
The early tender deadline is set for 5:00 p.m., New York City time, on April 5, 2024, with an expiration date for the offer on April 22, 2024. Notes tendered by the early tender date will be settled on the expected early settlement date, which is the second business day following the early tender date. For those tendered after this date, the settlement is expected to occur on the business day following the expiration date.
AMC Networks also issued a conditional notice of redemption to redeem any and all notes that remain after the tender offer's completion at 100% of their principal amount, plus accrued interest.
The lead dealer manager for the offer is BofA Securities, Inc., with J.P. Morgan Securities LLC and Citigroup Global Markets Inc. serving as co-dealer managers.
The information provided here is based on a press release statement issued by AMC Networks Inc.
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