- AMC Networks (NASDAQ: AMCX) significantly upsizes its tender offer for 4.25% Senior Notes due 2029 from $450 million to $600 million.
- The early tender offer was oversubscribed with $614.4 million in notes tendered, applying a 97.7% proration factor.
- AMC Networks will pay $815 per $1,000 principal amount of Notes, including a $50 early tender premium.
AMC Networks Inc. (Nasdaq: AMCX) has announced the early results of its cash tender offer for its outstanding 4.25% Senior Notes due 2029, alongside an increase in the maximum purchase amount from $450 million to $600 million. As of July 1, 2025, the company reported that $614.4 million in aggregate principal amount was tendered, surpassing the newly set maximum purchase limit.
Due to the oversubscription, a proration factor of 97.7% will be applied to the tendered Notes. The company has affirmed that they will pay $815 per $1,000 principal amount of Notes, incorporating a $50 early tender premium. The early settlement date is projected for July 3, 2025.
This tender offer is part of AMC Networks' strategic financial maneuver to restructure its debt, potentially signaling a move towards optimizing its financial standing. The transaction is partly funded through a new $400 million senior secured notes offering due 2032, as well as existing cash reserves. This reflects a focus on extending debt maturities and leveraging discounts in publicly traded debt.
Noteholders tendered approximately 69.4% of the outstanding notes during the early tender window, reflecting their readiness to exit positions at a discount due to varying factors such as market environment and company outlook. For AMC Networks, capturing the discount on its debt presents a beneficial allocation of capital.
