Cinema chain AMC Entertainment Holdings has unveiled a proposed debt restructuring agreement with its bondholders that includes $200 million in fresh cash and the Silver Lake Group purchasing $100 million in new senior notes.
The $200 million will be made available through a rights offering of new subordinated debt to allow holders of AMC's existing subordinated notes to exchange their securities at a discount for new debt to be issued by the company.
The debt exchange offer aims at a lower overall debt balance for AMC. And private equity firm Silver Lake Group, which holds $600 million of AMC convertible bonds, has agreed to purchase $100 million of additional first lien senior notes in exchange for better repayment terms should the.
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