NEW YORK, Feb. 17, 2023 (GLOBE NEWSWIRE) — AMC Networks Inc. AMCX (the “Company”) announced today that it has commenced cash tender offers (collectively, the “Offers” and each an “Offer”) to purchase aggregate principal amount of up to $800,000,000 (amount may be increased by the Company), the “Aggregate Maximum Payment Amount”) of its outstanding 5.00% Senior Notes due 2024 and 4.75% Senior Notes due 2025 (collectively, the “Notes”).
The terms and conditions of the Offers are described in an offer to purchase dated February 17, 2023 (the “Offer to Purchase”). The Company intends to fund the Offerings, including accrued interest and fees and expenses payable in connection with the Offerings, with borrowings under a new senior secured loan facility and/or cash.
The following table sets out certain terms of the Offers:
| Dollars per $1,000 principal amount of the Notes | ||||||||||||
| title of the notes | CUSIP Numbers / IS IN |
Total Principal Amount Outstanding(1) | Delicate cap | acceptance priority level | consideration of the takeover bid(2) | Early Tender Premium | overall consideration(2)(3) | |||||
| 5.00% Senior Notes due 2024 | 00164V AD5 / US00164VAD55 |
$400,000,000 | N / A | 1 | $970 | $30 | $1,000 | |||||
| 4.75% Senior Notes due 2025 | 00164V AE3 / US00164VAE39 |
$800,000,000 | $400,000,000 | 2 | $920 | $30 | $950 | |||||
(1) From the date of the offer to purchase.
(2) Holders will also receive accrued and unpaid interest from the relevant most recent interest payment in respect of the Notes accepted for purchase up to but not less than the Early Settlement Date (if any) or the Final Settlement Date, if any.
(3) Includes Early Tender Premium.
The Offers expire at 5:00 p.m. New York City time on March 20, 2023, unless renewed or earlier terminated by the Company (the “Expiry Date”). Offers submitted after the expiration date will not be valid.
Holders of Notes validly tendered (and not validly withdrawn) on or before 5:00 p.m. New York time on March 3, 2023 (such date and time, if extended, being the…
[ad_2]
Source story
