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AMC Entertainment Investor Silver Lake Rides Cinema Chain’s Stock Surge To Swap Debt For Equity
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deadline.comAMC Entertainment said Silver Lake Group is converting $600 million worth of the theater chain’s debt that it holds into stock at a conversion price of $13.51 a share, a surprise all around considering the exhibitor’s shares were languishing below two bucks earlier this month.The giant investment firm partnered with AMC back in 2018 with a cash injection in exchange for $600 million in unsecured convertible notes.
When the pandemic hit and AMC needed cash, Silver Lake was part of complex refinancing last spring. But the theater chain continued to flirt with bankruptcy as Covid lingered, barely averting Chapter 11 days ago with fresh cash commitments for more than $700 million.AMC shares had, meanwhile, been decimated by its ongoing
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