AMC Theaters, the world’s largest movie theater chain, has raised $ 917 million in new equity and debt capital, the company said on Monday.

“This increase in liquidity should allow the company to get through this dark coronavirus– impacted in winter, ”the company said, adding that its“ financial track has been extended until 2021 ”.

AMC raised the funds from December 14, 2020. Of the $ 917 million, AMC raised $ 506 million in equity, from the issuance of 164.7 million new common shares, as well as the previously announced securing of an additional $ 100 million in senior debt. and the simultaneous issuance of 22 million new common shares to convert $ 100 million of senior debt into equity.

In addition, the company executed letters of commitment for an amount of $ 411 million of additional debt capital in place until mid-2023, unless they are repaid before that date, by the through the increase and refinancing of its European revolving credit facility.

The channel says it assumes it will continue to make progress in its ongoing dialogue with theater owners about the amounts and timing of theater rental payments owed, and hopes the ongoing vaccination campaign will result in a increased attendance at cinemas.

Adam aron, CEO and President of AMC, said, “Today the sun is shining on AMC. After securing more than $ 1 billion in liquidity between April and November 2020, thanks to capital and debt increases as well as a modest amount of asset sales, we are proud to announce today that ‘Over the past six weeks, AMC has raised an additional $ 917 million in capital. to strengthen and consolidate our liquidity and financial position. This means that any discussion of impending bankruptcy for AMC is completely ruled out. “

“Going forward, for AMC to be successful in the medium term, we will need a large portion of the general public in the United States and internationally to be vaccinated,” Aron added. “To this end, we are grateful to the world’s medical communities for their heroic efforts to thwart the COVID virus. Likewise, we welcome the commitment of the new Biden administration and other governments nationally and internationally to a large-scale immunization program. “

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