AMC (NYSE: AMC) extends $425M Odeon debt to 2031 at 10.50% rate
Rhea-AI Filing Summary
AMC Entertainment Holdings disclosed that its subsidiary Odeon Finco PLC entered into a new $425 million term loan credit agreement maturing on April 17, 2031. The fixed-rate Odeon term loans bear 10.50% interest and amortize at 1% per year through quarterly payments, with the remaining principal due at maturity.
The proceeds funded the full redemption of Odeon’s outstanding 12.750% Senior Secured Notes due 2027 and related fees, and those notes will be delisted from The International Stock Exchange. The loans are guaranteed by Odeon Cinemas Group Limited, certain subsidiaries and, on an unsecured basis, by AMC under a separate guaranty, but AMC has not pledged any of its own assets as collateral. AMC also executed a Second Amendment to the Muvico Credit Agreement to make its covenants as restrictive as those in the new Odeon facility.
Positive
- Refinancing lowers coupon and extends maturity: Odeon replaced $425,000,000 of 12.750% Senior Secured Notes due 2027 with 10.50% term loans maturing in 2031, reducing annual cash interest expense and pushing out a major debt maturity.
Negative
- None.
Insights
AMC refinances key Odeon debt, extending maturity and lowering coupon.
AMC has replaced Odeon’s $425 million of 12.750% Senior Secured Notes due 2027 with a new $425 million term loan at a fixed 10.50% rate maturing in 2031. This pushes the maturity out four years while reducing the stated interest rate.
The new Odeon Term Loans amortize at 1% of principal annually via quarterly payments, leaving most principal due at final maturity. They are guaranteed by Odeon Cinemas Group Limited and certain subsidiaries and secured by first-priority liens over specified shares, accounts, receivables, intellectual property and other assets.
AMC provides an unsecured standalone guaranty but has not pledged its own assets, limiting recourse to Odeon-related collateral. Covenants in both the Odeon and amended Muvico credit agreements are restrictive on additional debt, liens, dividends, investments and affiliate transactions. Future filings will show how these tighter covenants interact with AMC’s operating performance and liquidity.
8-K Event Classification
Key Figures
Key Terms
Odeon Credit Agreement financial
Senior Secured Notes financial
first-priority basis financial
floating charge financial
events of default financial
forward-looking statements regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement |
Odeon Credit Agreement
On April 17, 2026, Odeon Finco PLC (“Odeon”), a wholly-owned direct subsidiary of Odeon Cinemas Group Limited (“OCGL”) and an indirect subsidiary of AMC Entertainment Holdings, Inc. ( “AMC”), entered into a Credit Agreement (the “Odeon Credit Agreement”), by and among Odeon, as borrower, OCGL, as the company, the lenders party thereto and U.S. Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon borrowed $425,000,000 of new term loans maturing in 2031 (the “Odeon Term Loans”). The proceeds from the Odeon Term Loans were used to fund the previously announced full redemption (the “Odeon Notes Redemption”) of Odeon’s outstanding 12.750% Senior Secured Notes due 2027 (the “Odeon Notes”) and to pay related fees, costs, premiums and expenses. In connection with the Odeon Notes Redemption, the Odeon Notes will be delisted from the Official List of The International Stock Exchange.
Interest, Amortization, Guarantees and Security
The Odeon Credit Agreement provides for the Odeon Term Loans in an initial aggregate principal amount of $425,000,000 and which mature on April 17, 2031. The Odeon Term Loans bear interest at a fixed 10.50% interest rate and are subject to amortization of principal, payable in quarterly installments on the fifteenth day of each April, July, October and January (commencing on July 15, 2026), equal to 1.00% per annum. The remaining aggregate principal amount outstanding (together with accrued and unpaid interest on the principal amount) of the Odeon Term Loans is payable at maturity.
The Odeon Term Loans are, subject to limited exceptions, fully and unconditionally guaranteed on a joint and several basis by OCGL and certain subsidiaries of OCGL (the “OCGL Subsidiaries”). The Odeon Term Loans are also fully and unconditionally guaranteed by AMC, on a standalone and unsecured basis, pursuant to the terms of a Guarantee Agreement dated as of April 17, 2026 between AMC and U.S. Bank Trust Company, National Association (the “AMC Guaranty”).
The Odeon Term Loans are secured as of April 17, 2026, or will be secured on a post-closing basis, and each subject to certain agreed security principles, by OCGL and the OCGL Subsidiaries on a first-priority basis by (i) a fixed charge or security interest, as applicable, over the shares of Odeon, OCGL and certain of the OCGL Subsidiaries; (ii) an assignment of rights held by Odeon under a proceeds loan agreement between Odeon and OCGL with respect to the proceeds of the Odeon Term Loans; (iii) a fixed charge or security interest, as applicable, over certain bank accounts, intercompany receivables, intellectual property rights and other assets of Odeon, OCGL and certain of the OCGL Subsidiaries; and (iv) a floating charge over substantially all other assets of Odeon, OCGL and certain of the OCGL Subsidiaries. AMC has not pledged any of its assets to secure the Odeon Term Loans or the related guarantees and the AMC Guaranty does not benefit from any security interest over the collateral or any other asset.
Covenants and Events of Default
The Odeon Credit Agreement contains covenants that limit OCGL and the OCGL Subsidiaries’ ability to, among other things: (i) incur additional indebtedness or guarantee indebtedness; (ii) create liens; (iii) declare or pay dividends, redeem stock or make other distributions to stockholders; (iv) make investments; (v) enter into transactions with its affiliates; (vi) consolidate, merge, sell or otherwise dispose of all or substantially all of their respective assets; and (vii) maintain cash in the accounts of OCGL and the OCGL Subsidiaries. These covenants are subject to a number of important limitations and exceptions. The Odeon Credit Agreement also provides for events of default, which, if any of them occur, would permit or require the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Odeon Term Loans to become immediately due and payable.
The foregoing summaries of the Odeon Credit Agreement and the AMC Guaranty do not purport to be complete and are qualified in their entirety by reference to the Odeon Credit Agreement and the AMC Guaranty attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.
2
Second Amendment to Muvico Credit Agreement
In connection with the Odeon Credit Agreement, on April 17, 2026, AMC, as borrower, Muvico, LLC, as borrower, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent, entered into a Second Amendment (the “Second Amendment”) to the Credit Agreement dated as of July 22, 2024, as amended by the First Amendment to Credit Agreement, dated as of July 24, 2025 (the “Muvico Credit Agreement”), by and among AMC, as borrower, Muvico, LLC, as borrower, the lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent.
The Second Amendment, among other things, amends the Muvico Credit Agreement to update the existing covenants and include additional covenants to make them as restrictive as those in the Odeon Credit Agreement.
The foregoing summary of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the Second Amendment attached hereto as Exhibit 10.3 and is incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
| Item 7.01 | Regulation FD Disclosure. |
On April 17, 2026, AMC issued a press release announcing the closing of the Odeon Credit Agreement and the Odeon Notes Redemption. The full text of the press release is incorporated by reference as Exhibit 99.1 to this Current Report on Form 8-K.
The information included in Exhibit 99.1 is being furnished pursuant to Item 7.01 of Form 8-K, and, as a result, such information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall such information 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.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description of Exhibit | |
| 10.1 | Odeon Credit Agreement, by and among Odeon Finco PLC, as borrower, Odeon Cinemas Group Limited, as the company, the lenders party thereto and U.S. Bank Trust Company, National Association, as administrative agent and security agent, dated as of April 17, 2026. | |
| 10.2 | Guarantee Agreement, by and between AMC Entertainment Holdings, Inc. and U.S. Bank Trust Company, National Association, dated as of April 17, 2026. | |
| 10.3 | Second Amendment to Muvico Credit Agreement, by and among AMC Entertainment Holdings, Inc. and Muvico, LLC, as borrowers, and Wilmington Savings Fund Society, FSB, as administrative agent and as collateral agent, dated as of April 17, 2026. | |
| 99.1 | Press Release, dated April 17, 2026, announcing the Odeon Credit Agreement and Odeon Notes Redemption. | |
| 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: April 17, 2026 | By: | /s/ Edwin F. Gladbach |
| Name: Edwin F. Gladbach | ||
| Title: Senior Vice President, General Counsel and Secretary | ||
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Exhibit 99.1
 |
INVESTOR
RELATIONS:
MEDIA CONTACTS: |
FOR IMMEDIATE RELEASE
AMC ENTERTAINMENT HOLDINGS, INC. SUBSIDIARY ODEON FINCO PLC
ANNOUNCES CLOSING OF $425 MILLION TERM LOAN
LEAWOOD, KANSAS – April 17, 2026: Odeon Finco PLC (“Odeon”), a wholly-owned subsidiary of Odeon Cinemas Group Limited (“OCGL”) and AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC”), announced today that it has entered into a Credit Agreement with Deutsche Bank AG New York Branch and borrowed $425.0 million of new first lien 10.50% term loan due 2031 (the “Odeon Term Loan”).
The proceeds from the Odeon Term Loan were used to fund the previously announced full redemption of Odeon’s outstanding 12.750% Senior Secured Notes due 2027 (the “Odeon Notes”) and to pay related fees, costs, premiums, and expenses.
Commenting on the closing of the Odeon Term Loan, AMC Chairman and CEO, Adam Aron said, “With this transaction, AMC has once again taken decisive action to strengthen our financial position by extending our debt maturities by four full years, while simultaneously reducing our annual cash interest expense. I would like to thank all of our lenders who continue their staunch support of AMC, and in this case particularly the professional team at Deutsche Bank who were central to the refinancing of our Odeon debt. This transaction is yet another meaningful, tangible step that enhances our liquidity, improves our flexibility, and better positions AMC for the future.”
Aron concluded, “In addition to the actions we have taken, and will continue to take, to strengthen AMC's balance sheet, we note with optimism that calendar year 2026 began with the highest Q1 box office since the pandemic closed theatres back in 2020. We fervently believe that AMC is increasingly well-positioned to capitalize on the robust box office growth that we anticipate will materialize during the remainder of 2026 and beyond.”
The collateral and guarantors of the Odeon Term Loan are substantially the same as those of the Odeon Notes. AMC has not pledged any of its assets to secure the Odeon Term Loan or the related guarantees, and AMC’s guaranty does not benefit from any security interest over the collateral or any other asset.
In connection with the redemption of the Odeon Notes, the Odeon Notes will be delisted from the Official List of The International Stock Exchange.
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 850 theatres and 9,600 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. For more information, visit www.amctheatres.com.
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. Examples of forward-looking statements include statements the Company makes regarding impacts of the industry box office in North America and European industry attendance, the Company’s expected revenue, net loss, capital expenditures, diluted loss per share, Adjusted EBITDA and estimated cash and cash equivalents, the potential for sustained growth, the Company’s cash generation potential, the potential for further debt equitization, the ability to achieve the Company’s AMC Go Plan, the Company’s financial runway and the continued box office recovery as well as the future box office outlook, including with respect to the full year 2026. 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: 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’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 our most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our 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.
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