$AMC · AMC ENTERTAINMENT HOLDINGS, INC.

AMC Entertainment filed an 8-K announcing a comprehensive $3.97 billion debt refinancing package consisting of a $2,000M private offering of first lien notes due 2031, an $850M first lien term loan, and a $1,120M second lien term loan facility at a fixed 11.25% rate. Proceeds will be used to tender for and redeem the 7.500% Senior Secured Notes due 2029, redeem Muvico's 1.5L Notes, and repay existing term loans. The company also furnished preliminary estimated financial results for the two months ended August 31, 2026.

Extended-hours last trade at $2.75, up +1.85% vs regular close and +2.61% vs price-at-filing, suggesting initial positive reception to the refinancing package. Markets were closed at filing; regular session has not yet reacted.

A $3.97B refinancing for a $2.41B market-cap company is an existential balance-sheet event — the 11.25% second lien rate signals the market's risk premium on AMC's credit.

AMC continues its multi-year balance-sheet restructuring, layering new first and second lien debt to push out near-term maturities. The 11.25% second lien rate reflects the high-yield market's risk assessment of the theatrical exhibition sector.

The offering and term loans are subject to market and other conditions with no assurance of completion. The Muvico redemption condition requires $3,970M in gross proceeds; failure to meet this could derail the full refinancing plan. AMC's forward-looking statements explicitly reference potential in-