AMC Networks Announces Proposed Private Offering of $400 Million of Senior Secured Notes due 2032

Rhea-AI Summary

AMC Networks (AMCX) has announced plans to offer $400 million in senior secured notes due 2032 through a private offering. The notes will be guaranteed by AMC Networks' existing and future domestic subsidiaries on a senior secured basis. The company intends to use the proceeds, along with available cash, to fund a tender offer for up to $450 million of its outstanding 4.25% Senior Notes due 2029, cover related fees and expenses, and repay other corporate debt. The offering is being made exclusively to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act. The notes will not be registered under the Securities Act or state securities laws, limiting their sale within the United States.

Positive

• Potential improvement in debt structure through refinancing of existing notes
• Strong backing with guarantees from domestic subsidiaries
• Strategic debt management initiative to address upcoming maturities

Negative

• Taking on new debt of $400 million while already carrying significant debt load
• Additional expenses from premiums and fees related to the tender offer
• Potential increase in interest expenses depending on new notes' terms

Insights

Financial Analyst

AMC Networks restructuring $450M debt through new $400M secured notes offering, suggesting improved terms and financial flexibility.

AMC Networks has announced a $400 million private offering of senior secured notes due 2032 to refinance existing debt. The company plans to use these proceeds, along with available cash, to fund a tender offer for up to $450 million of its outstanding 4.25% Senior Notes due 2029 and cover related expenses.

This debt restructuring represents a strategic financial move. By replacing unsecured 2029 notes with secured 2032 notes, AMC is likely seeking more favorable terms while extending its debt maturity timeline by three years. The secured nature of the new notes indicates they'll be backed by company assets, potentially allowing for better interest rates despite the challenging media landscape.

The transaction's structure—using $400M in new notes plus cash to tender for $450M of existing notes—suggests AMC is using this opportunity to modestly deleverage its balance sheet. While the company isn't reducing debt significantly, this refinancing provides greater financial flexibility through the extended maturity timeline.

For context, this move comes as traditional media companies face streaming competition and cord-cutting pressures. By proactively managing its debt structure now, AMC is creating additional runway to navigate industry disruption without near-term refinancing pressure. The private nature of the offering to qualified institutional buyers indicates confidence from sophisticated investors in AMC's credit profile despite industry headwinds.

NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) -- AMC Networks Inc. (Nasdaq: AMCX) (“AMC Networks” or the “Company”) announced today that it intends to offer, subject to market conditions and other factors, $400 million aggregate principal amount of senior secured notes due 2032 (the “Notes”) in a private offering.

The Notes will be unconditionally guaranteed, on a joint and several basis, by each of AMC Networks’ existing and future domestic subsidiaries, subject to certain exceptions, on a senior secured basis.

AMC Networks expects to use the net proceeds from the offering of the Notes, together with cash on hand or other immediately available funds, to (i) fund its tender offer (the “Tender Offer”) to purchase for cash up to $450 million aggregate principal amount of its outstanding 4.25% Senior Notes due 2029, (ii) pay related premiums, fees and expenses incurred in connection with the offering of the Notes and the Tender Offer, and (iii) repurchase or repay other corporate indebtedness.

AMC Networks is offering the Notes (and the related guarantees) pursuant to an exemption under the Securities Act of 1933, as amended (the “Securities Act”). The initial purchasers of the Notes will offer the Notes only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act or outside the United States to certain persons in reliance on Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or under any state securities laws. Therefore, the Notes may not be offered or sold within the United States to, or for the account or benefit of, any United States person unless the offer or sale would qualify for a registration exemption from the Securities Act and applicable state securities laws.

This press release shall not constitute an offer to sell, the solicitation of an offer to buy or a notice of redemption for any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About AMC Networks Inc.

AMC Networks (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution labels Independent Film Company and RLJE Films. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe; and AMC Networks International, its international programming business.

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the timing, terms and completion of the offering of the Notes, the anticipated use of proceeds from the offering of the Notes and the timing, terms and completion of the Tender Offer. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Investor Relations Nicholas Seibert nicholas.seibert@amcnetworks.com

Corporate Communications Georgia Juvelis georgia.juvelis@amcnetworks.com

FAQ

What is the size of AMC Networks' new senior secured notes offering in 2025?

AMC Networks is offering $400 million aggregate principal amount of senior secured notes due 2032.

How will AMC Networks (AMCX) use the proceeds from the 2032 notes offering?

The proceeds will be used to fund a tender offer for up to $450 million of 4.25% Senior Notes due 2029, pay related fees and expenses, and repay other corporate debt.

Who can purchase AMC Networks' 2032 senior secured notes?

The notes are only available to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S of the Securities Act.

Are AMC Networks' 2032 notes registered under the Securities Act?

No, the notes are not registered under the Securities Act or state securities laws, limiting their sale within the United States.

Who will guarantee AMC Networks' 2032 senior secured notes?

The notes will be guaranteed by AMC Networks' existing and future domestic subsidiaries on a joint and several basis, subject to certain exceptions.