AMC Network achieves 95% overwhelming participation in bond exchange

AMC Networks announced the initial participation results of the existing bond exchange. The exchange offer aims to swap the 10.25% secured bonds maturing in 2029 for new bonds maturing in 2032 with a 10.50% interest rate. Over 95% of the relevant existing bondholders participated in the offer and submitted large-scale consents.

The company plans to introduce a stock repurchase program through a supplemental debt commitment on March 9. These amendments are expected to be finalized after March 13 (the anticipated early settlement date), and investors participating before this date will receive the full amount of the new bonds.

The withdrawal rights for the exchange offer and consent solicitation expired on March 6, and subsequent consents are non-revocable. Qualified investors participating in the exchange can do so before March 23, with the exchange completing on March 25 (the final settlement date), at which point they will receive the new bonds.

J.P. Morgan Securities acts as the dealer manager, and only eligible investors may participate in the exchange offer. The exchange offer may be canceled if certain conditions are not met, and the new bonds will be offered in a limited, unregistered manner.

AMC Networks provides popular content through various streaming services and cable networks, and operates its own studios. This announcement contains forward-looking statements and warns that actual results may differ. Inquiries can be directed to the contacts listed via email.