Entertainment Covid-19 reports

Top Exhibitor AMC Entertainment Retires $35M In High-Interest Debt

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deadline.com

Top movie theater operator AMC Entertainment has retired $35 million in high-interest debt, the latest step in its effort to stage a financial comeback from Covid-19 and keep pace with a fast-evolving movie business model.The repurchase of the secured notes, which carried an interest rate of 15% for cash and 17% for payment-in-kind, reduced the company’s annual interest cost by $5.25 million, the company said.

About $65 million of the high-interest notes remain on the books, and AMC as of June 30 reported about $5.2 billion in total corporate borrowings.

The debt is structured so that only about $635 million of that must be repaid before 2024.The devastation of Covid-19, which shuttered production and kept movie theaters closed for months,

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