AMC Networks Announces Commencement of Tender Offer for Up to $450,000,000 Aggregate Principal Amount of its 4.25% Senior Notes due 2029

Rhea-AI Summary

AMC Networks (AMCX) has launched a cash tender offer to purchase up to $450 million of its outstanding 4.25% Senior Notes due 2029. The company is offering $815 per $1,000 principal amount (including a $50 early tender premium) for notes tendered by July 1, 2025, and $765 per $1,000 for notes tendered after the early tender date but before the July 17, 2025 expiration. The tender offer will be funded through proceeds from a proposed offering of senior secured notes due 2032 and available cash. The offer may be subject to proration if tender exceeds the maximum amount, and early tenderers will receive priority. The total outstanding principal amount of the 2029 Notes is currently $885,866,000.

Positive

• Company demonstrates financial flexibility by refinancing existing debt
• Early tender premium of $50 per $1,000 provides incentive for noteholders
• Potential reduction of outstanding debt from $885.9M to $450M if fully subscribed

Negative

• New senior secured notes due 2032 may carry higher interest rates in current market conditions
• Transaction costs and premium payments will impact company's cash position
• Early tender deadline may pressure noteholders to make quick decisions

Insights

Corporate Debt Strategist

AMC Networks refinancing debt at discount, extending maturities to 2032 while shifting to secured structure.

AMC Networks is executing a strategic debt restructuring by offering to repurchase up to $450 million of its 4.25% Senior Notes due 2029 through a tender offer. With $885.9 million of these notes currently outstanding, this represents a potential reduction of over 50% of this debt class.

The company is offering holders $815 per $1,000 of principal (including a $50 early tender premium) for notes tendered by July 1, 2025. This 18.5% discount to face value creates a debt reduction opportunity - by purchasing below par, AMC effectively reduces its nominal debt obligation while simultaneously extending its maturity profile.

The refinancing will be funded through a new issuance of senior secured notes due 2032 and available cash. The transition from unsecured "senior notes" to "senior secured notes" represents a material change in debt structure, with the new debt backed by specific collateral rather than solely by the company's general creditworthiness.

This liability management exercise accomplishes two key objectives: extending the company's debt maturity runway by three years and potentially improving near-term financial metrics through below-par debt repurchases. However, the move toward secured debt might indicate tightening credit conditions or changing lender requirements for AMC Networks.

NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) -- AMC Networks Inc. (Nasdaq: AMCX) (the “Company”) announced today that it has commenced a cash tender offer (the “Offer”) to purchase up to $450,000,000 aggregate principal amount (as such amount may be increased by the Company, the “Maximum Tender Amount”) of its outstanding 4.25% Senior Notes due 2029 (the “Notes”).

The terms and conditions of the Offer are described in an Offer to Purchase, dated June 17, 2025 (the “Offer to Purchase”). The Company intends to fund the Offer, including accrued interest and fees and expenses payable in connection with the Offer, with the net proceeds from its proposed offering of its senior secured notes due 2032 and cash on hand or other immediately available funds.

The following table sets forth certain terms of the Offer:

					Dollars per $1,000 Principal Amount of Notes
Title of Notes		CUSIP Number /  ISIN	Aggregate Principal Amount Outstanding(1)		Tender Offer Consideration(2)		Early Tender Premium		Total Consideration(2)(3)
4.25% Senior Notes due 2029		00164V AF0 / US00164VAF04	$885,866,000		$765		$50		$815
(1)	As of the date of the Offer to Purchase.
(2)	Holders will also receive accrued and unpaid interest from the last interest payment with respect to the Notes accepted for purchase to, but not including, the Early Settlement Date (if any) or the Final Settlement Date, as applicable.
(3)	Includes the Early Tender Premium.

The Offer will expire at 5:00 p.m., New York City time, on July 17, 2025, unless extended or earlier terminated by the Company (such date and time, as it may be extended, the “Expiration Date”). No tenders submitted after the Expiration Date will be valid.

Holders of Notes that are validly tendered (and not validly withdrawn) at or prior to 5:00 p.m., New York City time, on July 1, 2025 (such date and time, as it may be extended, the “Early Tender Date”) and accepted for purchase pursuant to the Offer will receive the Total Consideration set forth in the table above (the “Total Consideration”), which includes the Early Tender Premium set forth in the table above (the “Early Tender Premium”). Holders of Notes tendering their Notes after the Early Tender Date will only be eligible to receive the Tender Offer Consideration set forth in the table above (the “Tender Offer Consideration”), which is the Total Consideration less the Early Tender Premium.

All Notes validly tendered and accepted for purchase pursuant to the Offer will receive the applicable consideration set forth in the table above, plus accrued and unpaid interest on such Notes from the last interest payment date with respect to the Notes to, but not including, the Early Settlement Date (as defined below) (if any) or the Final Settlement Date (as defined below), as applicable.

Tendered Notes may be withdrawn at or prior to 5:00 p.m., New York City time, on July 1, 2025, unless extended by the Company (such date and time, as it may be extended, the “Withdrawal Date”). Holders of Notes who tender their Notes after the Withdrawal Date, but prior to the Expiration Date, may not withdraw their tendered Notes unless withdrawal rights are otherwise required by applicable law.

The Company reserves the right, but is under no obligation, at any point following the Early Tender Date and before the Expiration Date, to accept for purchase any Notes validly tendered at or prior to the Early Tender Date (the “Early Settlement Date”).The Early Settlement Date will be determined at the Company’s option, subject to all conditions to the Offer having been satisfied or waived by the Company, and assuming the Company accepts for purchase Notes validly tendered pursuant to the Offer. If the Company exercises its option to have an Early Settlement Date, it expects to make payment for any Notes validly tendered at or prior to the Early Tender Date and purchased in the Offer no later than July 3, 2025, which is the second business day following the Early Tender Date. However, the Early Settlement Date may be any business day following the Early Tender Date and before the Expiration Date, at the Company’s option. If the Company does not exercise its option to have an Early Settlement Date, payment for any Notes validly tendered at or prior to the Early Tender Date and purchased in the Offer will be made on the settlement date that is expected to be the second business day following the Expiration Date, or as promptly as practicable thereafter (the “Final Settlement Date”). Irrespective of whether the Company chooses to exercise its option to have an Early Settlement Date, payment for any Notes validly tendered after the Early Tender Date, but at or prior to the Expiration Date, and purchased in the Offer will be made on the Final Settlement Date.

Acceptance for tenders of the Notes may be subject to proration if the aggregate principal amount of the Notes validly tendered and not validly withdrawn is greater than the Maximum Tender Amount. Furthermore, if the Offer for the Notes is fully subscribed as of the Early Tender Date, holders who validly tender Notes after the Early Tender Date will not have any of their Notes accepted for purchase.

The Company reserves the right, but is under no obligation, to increase the Maximum Tender Amount at any time, subject to compliance with applicable law, which could result in the Company purchasing a greater aggregate principal amount of Notes in the Offer. There can be no assurance that the Company will increase the Maximum Tender Amount. If the Company increases the Maximum Tender Amount, it does not expect to extend the Withdrawal Date, subject to applicable law. Accordingly, Holders should not tender Notes that they do not wish to have purchased in the Offer.

The consummation of the Offer is not conditioned upon any minimum amount of Notes being tendered. However, the Offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the Offer to Purchase, including the Company having raised net proceeds from its concurrently commenced offering of $400,000,000 in aggregate principal amount of its senior secured notes due 2032, which, together with cash on hand or other immediately available funds, are sufficient to fund the purchase of the Notes validly tendered and accepted for purchase in the Offer.

This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such offer, solicitation, or sale would be unlawful. The Offer is being made solely pursuant to terms and conditions set forth in the Offer to Purchase.

The lead dealer manager for the Offer is BofA Securities and the co-dealer manager for the Offer is J.P. Morgan. Any questions regarding the terms of the Offer should be directed to BofA Securities at (toll-free) (888) 292-0070 or (980) 388-3646. Any questions regarding procedures for tendering Notes should be directed to the Information Agent for the Offer, D.F. King & Co., Inc., toll-free at (800) 967-7635 (banks and brokers call (212) 257-2028)) or via email at amcx@dfking.com.

About AMC Networks Inc.

AMC Networks (Nasdaq: AMCX) is home to many of the greatest stories and characters in TV and film and the premier destination for passionate and engaged fan communities around the world. The Company creates and curates celebrated series and films across distinct brands and makes them available to audiences everywhere. Its portfolio includes targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE; cable networks AMC, BBC AMERICA (which includes U.S. distribution and sales responsibilities for BBC News), IFC, SundanceTV and We TV; and film distribution labels Independent Film Company and RLJE Films. The Company also operates AMC Studios, its in-house studio, production and distribution operation behind acclaimed and fan-favorite original franchises including The Walking Dead Universe and the Anne Rice Immortal Universe; and AMC Networks International, its international programming business.

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning the timing, terms and completion of the Offer and the timing, terms and completion of the Company’s offering of senior secured notes. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Investor Relations	Corporate Communications
Nicholas Seibert	Georgia Juvelis
nicholas.seibert@amcnetworks.com	georgia.juvelis@amcnetworks.com

FAQ

What is the maximum amount AMC Networks is offering to purchase in its tender offer?

AMC Networks is offering to purchase up to $450,000,000 aggregate principal amount of its 4.25% Senior Notes due 2029.

What is the early tender premium for AMCX's 2029 Notes tender offer?

The early tender premium is $50 per $1,000 principal amount of Notes, making the total consideration $815 per $1,000 for early tenders.

When does AMC Networks' tender offer expire?

The tender offer expires at 5:00 p.m., New York City time, on July 17, 2025, unless extended or terminated earlier.

How is AMC Networks funding this tender offer?

The tender offer will be funded through net proceeds from a proposed offering of senior secured notes due 2032 and cash on hand or other immediately available funds.

What is the early tender deadline for AMCX's notes tender offer?

The early tender deadline is 5:00 p.m., New York City time, on July 1, 2025, after which tenderers will only receive the tender offer consideration of $765 per $1,000.