Moody’s rates Odeon notes B3

Moody's Investors Service said it assigned a B3 rating to the proposed $400 million senior secured first-lien notes to be issued by Odeon Finco plc, a direct wholly owned finance subsidiary of Odeon Cinemas Group Ltd.

Odeon Cinemas is a direct wholly owned subsidiary of AMC UK Holding Ltd., which is an indirect wholly owned subsidiary of AMC Entertainment Holdings, Inc.

AMC's Caa2 corporate family rating, existing debt ratings and positive outlook are unchanged.

Odeon Finco's outlook is positive.

Net proceeds from the new first-lien notes plus cash will be used to fully repay the existing $505.6 million dollar-equivalent outstanding 11¼% Odeon term loan facility due August 2023 (unrated) plus the related call premium.

Fitch said AMC's Caa2 rating reflects the company's position as the world's largest movie exhibitor, but also considers the weak, albeit improving, operating and financial performance, which suffered from pandemic-induced revenue and operating losses in 2020 and 2021, and delayed recovery when economies reopened.

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