AMC's stock rises as movie-theater chain shaves almost $153 million off debt load

By James Rogers

The meme stock continues to refinance its balance sheet

AMC Entertainment Holdings Inc. has shaved almost $153 million off of its debt load, the movie-theater chain and original meme stock revealed in a filing Monday.

"Between August 5, 2024 and September 30, 2024, the Company entered into a series of privately negotiated agreements to extinguish unsecured debt in an aggregate principal amount of $152,923,002," AMC (AMC) said in the SEC filing.

Related: AMC's debt restructuring bodes well for box-office recovery, analyst says

AMC's stock was up 2.3% on Monday afternoon, compared with the S&P 500 index's SPX decline of 0.01%.

In July, AMC conducted a major debt restructuring, which extended up to $2.45 billion in debt maturities due in 2026 out to 2029 and beyond. In a statement, AMC explained that its refinancing transactions extended the maturity of approximately $1.6 billion of the company's debt that was due in 2026 out to 2029 and 2030 and would provide "significant incremental financial runway."

Related: AMC debt restructuring sparks more buying in the movie-theater chain's junk bonds

AMC has around $4.5 billion in debt, according to a FactSet estimate.

Shares of AMC are down 24.1% in 2024, compared with the S&P 500's gain of 20.3%.

-James Rogers

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09-30-24 1302ET

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