AMC (NYSE: AMC) lines up $425M Odeon term loan refinancing
Rhea-AI Filing Summary
AMC Entertainment Holdings entered a commitment letter for a new senior secured Odeon credit facility of up to $425,000,000. Odeon intends to use this term loan, if completed, to refinance its existing 12.750% Senior Secured Notes due 2027 and pay related fees and expenses.
The new Odeon term loan is expected to mature in 2031, carry a fixed 10.50% interest rate, and be issued with a 2.00% original issue discount, with closing expected on or before April 6, 2026, subject to definitive documentation and customary conditions. AMC also released "cleansing" data showing Odeon Cinemas Group Limited year-to-date through February 28, 2026 industry attendance of 77,479 versus 69,375 a year earlier, total revenue of 214,320 versus 169,770, and total revenue per patron of $17.98 versus $15.38.
Positive
- $425 million Odeon refinancing is expected to replace 12.750% Senior Secured Notes due 2027 with a senior secured term loan due 2031 at a fixed 10.50% rate and 2.00% original issue discount, extending debt maturities and lowering the stated interest coupon.
- Improving Odeon operating trends are evidenced by year-to-date through February 28, 2026 total revenue of 214,320 versus 169,770, and total revenue per patron increasing from $15.38 to $17.98, alongside higher industry and Odeon attendance.
Negative
- Liquidity and restructuring risk remains elevated as AMC states that without additional liquidity and more normalized operating revenues, it would likely need to pursue an in-court or out-of-court restructuring of its liabilities.
- High indebtedness and covenant constraints continue to be highlighted, with the company noting significant debt levels, covenant limitations, and dependence on box office recovery amid competitive, economic, and industry-structure headwinds.
Insights
AMC plans a $425M Odeon refinancing that lowers coupon and extends maturity, alongside improving Odeon attendance and revenue trends.
AMC and Odeon secured a commitment for an Odeon senior secured credit facility of up to
The company chose not to proceed with a previously announced senior notes and term loan offering, instead relying on this facility, which is still subject to definitive documentation and customary closing conditions through
Cleansing materials show Odeon Cinemas Group Limited year-to-date through
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| Item 1.01 | Entry into a Material Definitive Agreement |
On March 6, 2026, AMC Entertainment Holdings, Inc. (the “Company,” or “AMC”), together with its wholly-owned subsidiary Odeon Finco PLC (“Odeon”), entered into a commitment letter (the “Commitment Letter”) with Deutsche Bank AG New York Branch (the “Lender”) providing for a new senior secured credit facility of Odeon in an aggregate principal amount of up to $425,000,000 (the “Odeon Credit Facility”). Odeon intends to use the proceeds of the Odeon Credit Facility, if consummated, to refinance its existing 12.750% Senior Secured Notes due 2027 (the “Odeon Notes”) and pay related fees and expenses. The Odeon Credit Facility is expected to strengthen the Company’s balance sheet, extend debt maturities, and reduce interest rates while preserving flexibility to streamline and simplify the capital structure. In connection with entering into the Commitment Letter, the Company has decided not to proceed with its previously announced offering of senior notes and new term loan facility at this time.
The Odeon Credit Facility is expected to consist of a senior secured term loan due 2031, with a fixed 10.50% interest rate and is expected to be issued with 2.00% original issue discount. The final terms of the Odeon Credit Facility, including the senior secured term loan, will be subject to execution of definitive credit documentation and the satisfaction of customary closing conditions. The Odeon Credit Facility is expected to close on or before April 6, 2026.
The foregoing summary of the Commitment Letter does not purport to be complete and is qualified in its entirety by reference to the Commitment Letter, attached hereto as Exhibit 10.1 and incorporated herein by reference.
| Item 7.01 | Regulation FD Disclosure. |
On March 6, 2026, the Company issued a press release announcing its entry into the Commitment Letter which is furnished as Exhibit 99.1 to this Current Report on 8-K.
Cleansing Materials
In connection with the Commitment Letter, the Company previously entered into a confidentiality agreement (the “Confidentiality Agreement”) with the Lender, pursuant to which the Company provided certain confidential information (the “Cleansing Materials”) to the Lender and agreed to publicly disclose the Cleansing Materials. The Cleansing Materials include certain revenue and attendance figures for Odeon Cinemas Group Limited for the year-to-date period ending February 28, 2026 and an update to the Company’s previous commentary on the industry box office, which are furnished hereto as Exhibit 99.2.
The Cleansing Materials were provided by the Company solely to facilitate negotiations concerning the Odeon Credit Facility and were not prepared with a view toward public disclosure and should not be relied upon to make an investment decision with respect to the Company. The Cleansing Materials should not be regarded as an indication that the Company or any third party considers the Cleansing Materials to be a reliable prediction of future events, and the Cleansing Materials should not be relied upon as such. Neither the Company nor any third party has made or makes any representation to any person regarding the accuracy of any Cleansing Materials or undertakes any obligation to publicly update the Cleansing Materials to reflect circumstances existing after the date when the Cleansing Materials were prepared or conveyed or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying the Cleansing Materials are shown to be in error.
The information set forth in this Item 7.01, including the information set forth in Exhibit 99.1 and Exhibit 99.2, respectively, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In many cases, these forward-looking statements may be identified by the use of words such as “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “indicates,” “projects,” “goals,” “objectives,” “targets,” “predicts,” “plans,” “seeks,” and variations of these words and similar expressions. Any forward-looking statement speaks only as of the date on which it is made. Any forward-looking statement speaks only as of the date on which it is made. These forward-looking statements may include, among other things, statements related to AMC’s current expectations regarding the performance of its business, financial results, liquidity and capital resources and are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and facts include, but are not limited to: consummation of the Odeon Credit Facility, the sufficiency of AMC’s existing cash and cash equivalents and available borrowing capacity; AMC’s ability to obtain additional liquidity, which if not realized or insufficient to generate the material amounts of additional liquidity that will be required unless it is able to achieve more normalized levels of operating revenues, likely would result with AMC seeking an in-court or out-of-court restructuring of its liabilities; the effectiveness of the refinancing transactions completed in the third quarter of 2025 and the ability to further equitize existing debt; increased use of alternative film delivery methods or other forms of entertainment; the continued recovery of the North American and international box office; AMC’s significant indebtedness, including its ability to meet its covenants and limitations on AMC's ability to take advantage of certain business opportunities imposed by such covenants; shrinking exclusive theatrical release windows; the seasonality of AMC’s revenue and working capital; intense competition in the geographic areas in which AMC operates; risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges; motion picture production, promotion, marketing, and performance including labor stoppages affecting the production, supply and release schedule of theatrical motion picture content and choice of distributors to release fewer feature-length films as a result of the additional financial burden imposed by tariffs; the use of artificial intelligence (“AI”) technology in the filmmaking process and audience acceptance of movies made utilizing AI technology; general and international economic, political, regulatory and other risks, including but not limited to rising interest rates; AMC’s lack of control over distributors of films; limitations on the availability of capital, including on the authorized number of AMC common stock; dilution of voting power caused by recent sales of AMC common stock and through the issuance of AMC common stock underlying Muvico, LLC’s exchangeable notes and the issuance of preferred stock; AMC’s ability to achieve expected synergies, benefits and performance from its strategic initiatives; AMC’s ability to refinance its indebtedness on favorable terms; AMC’s ability to optimize its theatre circuit; AMC’s ability to recognize interest deduction carryforwards, net operating loss carryforwards, and other tax attributes to reduce future tax liability; supply chain disruptions, labor shortages, increased cost and inflation; and other factors discussed in the reports AMC has filed with the SEC. Should one or more of these risks, trends, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, the Company cautions you against relying on forward-looking statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing AMC, see the section entitled “Risk Factors” and elsewhere in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as the Company’s other filings with the SEC, copies of which may be obtained by visiting the Company’s Investor Relations website at investor.amctheatres.com or the SEC’s website at www.sec.gov.
AMC does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.
3
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description of Exhibit | |
| 10.1 | Commitment Letter, by and among the Company, Odeon and the Lender, dated as of March 6, 2026. | |
| 99.1 | Press Release, dated March 6, 2026. | |
| 99.2 | Cleansing Materials. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMC ENTERTAINMENT HOLDINGS, INC. | ||
| Date: March 6, 2026 | By: | /s/ Edwin F. Gladbach |
| Name: Edwin F. Gladbach | ||
| Title: Senior Vice President, General Counsel and Secretary | ||
5
Exhibit 99.1
 |
INVESTOR
RELATIONS: John Merriwether, 866-248-3872 InvestorRelations@amctheatres.com MEDIA CONTACTS: Ryan Noonan, (913) 213-2183 rnoonan@amctheatres.com |
FOR IMMEDIATE RELEASE
AMC ENTERTAINMENT HOLDINGS, INC. ANNOUNCES
COMMITMENT LETTER WITH RESPECT TO REFINANCING OF ITS ODEON NOTES
LEAWOOD, KANSAS – March 6, 2026: AMC Entertainment Holdings, Inc. (NYSE: AMC) (the “Company,” or “AMC”), announced today that the Company, together with its wholly-owned subsidiary Odeon Finco PLC (“Odeon”), have entered into a commitment letter with Deutsche Bank AG New York Branch providing for a new senior secured credit facility of Odeon in an aggregate principal amount of up to $425,000,000 (the “Odeon Credit Facility”). Odeon intends to use the proceeds of the Odeon Credit Facility, if consummated, to refinance its existing 12.750% Senior Secured Notes due 2027 (the “Odeon Notes”) and pay related fees and expenses. The Odeon Credit Facility is expected to strengthen the Company’s balance sheet, extend debt maturities, and reduce interest rates while preserving flexibility to streamline and simplify the capital structure. In connection with entering into the commitment letter, the Company has decided not to proceed with its previously announced offering of senior notes and new term loan facility at this time.
The Odeon Credit Facility is expected to consist of a senior secured term loan due 2031, with a fixed 10.50% interest rate and is expected to be issued with 2.00% original issue discount. The final terms of the Odeon Credit Facility, including the senior secured term loan, will be subject to execution of definitive credit documentation and the satisfaction of customary closing conditions. The Odeon Credit Facility is expected to close on or before April 6, 2026.
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 855 theatres and 9,640 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, website, and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming.
Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In many cases, these forward-looking statements may be identified by the use of words such as “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “indicates,” “projects,” “goals,” “objectives,” “targets,” “predicts,” “plans,” “seeks,” and variations of these words and similar expressions. Any forward-looking statement speaks only as of the date on which it is made. Any forward-looking statement speaks only as of the date on which it is made. These forward-looking statements may include, among other things, statements related to AMC’s current expectations regarding the performance of its business, financial results, liquidity and capital resources and are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and facts include, but are not limited to: consummation of the Odeon Credit Facility, the sufficiency of AMC’s existing cash and cash equivalents and available borrowing capacity; AMC’s ability to obtain additional liquidity, which if not realized or insufficient to generate the material amounts of additional liquidity that will be required unless it is able to achieve more normalized levels of operating revenues, likely would result with AMC seeking an in-court or out-of-court restructuring of its liabilities; the effectiveness of the refinancing transactions completed in the third quarter of 2025 and the ability to further equitize existing debt; increased use of alternative film delivery methods or other forms of entertainment; the continued recovery of the North American and international box office; AMC’s significant indebtedness, including its ability to meet its covenants and limitations on AMC's ability to take advantage of certain business opportunities imposed by such covenants; shrinking exclusive theatrical release windows; the seasonality of AMC’s revenue and working capital; intense competition in the geographic areas in which AMC operates; risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges; motion picture production, promotion, marketing, and performance including labor stoppages affecting the production, supply and release schedule of theatrical motion picture content and choice of distributors to release fewer feature-length films as a result of the additional financial burden imposed by tariffs; the use of artificial intelligence (“AI”) technology in the filmmaking process and audience acceptance of movies made utilizing AI technology; general and international economic, political, regulatory and other risks, including but not limited to rising interest rates; AMC’s lack of control over distributors of films; limitations on the availability of capital, including on the authorized number of AMC common stock; dilution of voting power caused by recent sales of AMC common stock and through the issuance of AMC common stock underlying Muvico, LLC’s exchangeable notes and the issuance of preferred stock; AMC’s ability to achieve expected synergies, benefits and performance from its strategic initiatives; AMC’s ability to refinance its indebtedness on favorable terms; AMC’s ability to optimize its theatre circuit; AMC’s ability to recognize interest deduction carryforwards, net operating loss carryforwards, and other tax attributes to reduce future tax liability; supply chain disruptions, labor shortages, increased cost and inflation; and other factors discussed in the reports AMC has filed with the SEC. Should one or more of these risks, trends, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, the Company cautions you against relying on forward-looking statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing AMC, see the section entitled “Risk Factors” and elsewhere in the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q, as well as the Company’s other filings with the SEC, copies of which may be obtained by visiting the Company’s Investor Relations website at investor.amctheatres.com or the SEC’s website at www.sec.gov.
AMC does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.
Exhibit 99.2
| I. | Industry Box Office |
In a press release on January 29, 2026 AMC provided the following disclosure relating to the sensitivity of its results to the industry box office in North America and Europe within a fiscal year:
While AMC does not provide guidance, as disclosed in the proxy statement filed with the SEC on October 24, 2025, internal modeling for the 2024 annual incentive plan assumes that for each approximately $100 million increase in the North American industry box office, the Company would expect domestic Adjusted EBITDA to increase by approximately $18 million, and for each approximately five million increase in European industry attendance, the Company would expect International Adjusted EBITDA to increase by approximately $8 million. These estimates are broadly applicable for 2025. These are merely estimates, and actual results in future years may vary depending on factors including, but not limited to, revenue and costs per patron, cost structure, relative box office performance in different geographies, and market share.
In AMC’s earnings conference call on February 25, 2026, AMC announced that it believes the North American box office in 2026 could increase by approximately $500 million to as much as more than $1 billion greater than was the case compared to 2025.
AMC believes that the European Industry attendance in the markets in which it operates in 2026 could increase by approximately 20 million to as much as 40 million more than in 2025.
| II. | Odeon Cinemas Group Limited YTD Attendance and Revenue |
| Odeon Cinemas Group Limited | ||||||||||||
| YTD | YTD | |||||||||||
| 2/28/2026 | 2/28/2025 | % Change | ||||||||||
| Industry Attendance | 77,479 | 69,375 | 12 | % | ||||||||
| Odeon Attendance | 11,919 | 11,042 | 8 | % | ||||||||
| Admissions Revenue | 130,102 | 103,363 | 26 | % | ||||||||
| Food & Beverage Revenue | 62,500 | 48,529 | 29 | % | ||||||||
| Other Revenue | 21,718 | 17,879 | 21 | % | ||||||||
| Total Revenue | 214,320 | 169,770 | 26 | % | ||||||||
| Admissions Revenue per patron | $ | 10.92 | $ | 9.36 | 17 | % | ||||||
| Food & Beverage per patron | $ | 5.24 | $ | 4.40 | 19 | % | ||||||
| Other Revenue per patron | $ | 1.82 | $ | 1.62 | 13 | % | ||||||
| Total Revenue per Patron | $ | 17.98 | $ | 15.38 | 17 | % | ||||||
| (Constant Currency) | ||||||||||||
| Admissions Revenue | 115,267 | 103,363 | 12 | % | ||||||||
| Food & Beverage Revenue | 55,402 | 48,529 | 14 | % | ||||||||
| Other Revenue | 19,214 | 17,879 | 7 | % | ||||||||
| Total Revenue | 189,883 | 169,770 | 12 | % | ||||||||
| Admissions Revenue per patron | $ | 9.67 | $ | 9.36 | 3 | % | ||||||
| Food & Beverage per patron | $ | 4.65 | $ | 4.40 | 6 | % | ||||||
| Other Revenue per patron | $ | 1.61 | $ | 1.62 | 0 | % | ||||||
| Total Revenue per Patron | $ | 15.93 | $ | 15.38 | 4 | % | ||||||
The preliminary estimated financial information for the year to date contained in this correspondence is subject to completion of the Company’s financial reporting processes, reflects management’s current estimates based solely upon information available to it as of the date hereof and is not a comprehensive statement of our financial results for the year to date. Such preliminary financial information has not yet been subject to the Company’s quarterly review procedures. In addition, such preliminary financial information is subject to the finalization and closing of the Company’s accounting books and records (which have yet to be performed) and should not be viewed as a substitute for full quarterly financial statements prepared in accordance with GAAP. No independent registered public accounting firms have audited, reviewed or compiled, examined or performed any procedures with respect to these preliminary results, nor have they expressed any opinion or any other form of assurance on the preliminary results. The preliminary financial information for the year to date are not necessarily indicative of our results for future interim periods. The preliminary estimated financial results described above constitute forward-looking statements. Accordingly, you should not place undue reliance upon these preliminary estimates. During the preparation of the Company’s financial statements for the quarter year ended March 31, 2026, additional items that would require adjustments, which may be material to such preliminary results presented herein, may be identified.
FAQ
What did AMC (AMC) announce about the new Odeon credit facility?
How will the new Odeon term loan change AMC’s debt profile?
When is AMC’s new Odeon Credit Facility expected to close?
What preliminary year-to-date results did AMC disclose for Odeon Cinemas Group?
How sensitive does AMC say its results are to box office changes?
What expectations did AMC share for the 2026 box office and European attendance?
Why did AMC provide "cleansing" financial materials to the public?
Filing Exhibits & Attachments
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Agreements & Contracts
