As the stock price of movie theater giant AMC Entertainment surged on Wednesday, the private equity firm Silver Lake used the volatility to its advantage.
In 2018, Silver Lake,invested $600 millioninto AMC via a debt offering due in 2024. Last year amid the pandemic AMC and Silver Lake renegotiated the deal to help the cinema giant stay afloat, while extending the debt maturity to 2026.
With AMC's stock surging to nearly $20 per share Wednesday, the firm elected to convert its $600 million bond into AMC stock at a conversion price of $13.51 per share, according to a securities filing Thursday morning.
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