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AMC Networks begins tender offer for any senior notes due 2025
By Marisa Wong
Los Angeles, March 25 – AMC Networks Inc. has begun a cash tender offer to purchase any and all of its $774,729,000 outstanding 4¾% senior notes due 2025 (Cusip: 00164VAE3), according to a Monday press release.
The issuer is offering a total consideration of $1,000 per $1,000 principal amount.
The total consideration includes an early tender premium of $30 per $1,000 of notes tendered by the early tender date.
Holders tendering after the early tender date will only be eligible to receive the tender offer consideration of $970 per $1,000 principal amount.
The company will also pay accrued interest.
The early tender date is 5 p.m. ET on April 5, which is also the withdrawal deadline.
The early settlement date is expected to be the second business day after the early tender date.
The offer will expire at 5 p.m. ET on April 22.
Final settlement will be on the business day after the expiration date.
The offer is not conditioned on any minimum amount of notes being tendered. However, the offer is conditioned on the company having raised net proceeds from its concurrent offering of $700 million aggregate principal amount of senior secured notes due 2029 that are, together with cash on hand or other immediately available funds, sufficient to fund the purchase of existing 2025 notes under the tender offer.
When the company launched the tender offer, it also issued a conditional notice of redemption to redeem any and all 2025 notes that remain outstanding after completion of the tender offer at a price of par plus accrued interest. The redemption date for the conditional call is April 24.
The lead dealer manager for the offer is BofA Securities, Inc. (888 292-0070 or 980 388-3646), and the co-dealer managers are J.P. Morgan Securities LLC and Citigroup Global Markets Inc.
The information agent for the offer is D.F. King & Co., Inc. (800 967-4617 or, for banks and brokers, 212 269-5550).
The entertainment company is based in New York.
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