AMC Networks (NASDAQ: AMCX) extends debt to 2032, adds $50M buybacks

Rhea-AI Filing Summary

AMC Networks Inc. completed early settlement of its exchange offer for its 10.25% Senior Secured Notes due 2029, issuing approximately $884 million of new 10.50% Senior Secured Notes due 2032 and cancelling the exchanged old notes. About $830.6 million of the old notes, or roughly 95% of the $875 million originally outstanding, were tendered, leaving about $44.4 million still outstanding. The new notes carry a 10.50% annual interest rate, maturing on July 15, 2032, with semi-annual interest payments starting July 15, 2026, and are guaranteed on a senior secured basis by certain domestic subsidiaries. Through a related consent solicitation, AMC Networks also amended the old notes’ indenture to loosen the restricted payments covenant, allowing equity buybacks and similar transactions in an aggregate amount up to $50 million.

Insights

Credit and capital structure analyst

AMC extends debt maturity to 2032, increases coupon and gains $50M equity buyback capacity.

AMC Networks exchanged most of its 10.25% secured notes due 2029 into new 10.50% secured notes due 2032. About $830.6 million of the old $875 million issue was tendered, and the company issued roughly $884 million of new notes, consolidating them with an existing 2032 series.

The transaction pushes secured debt maturity out to 2032 but at a higher 10.50% coupon, which raises ongoing interest expense versus the old 10.25% notes. Guarantees from domestic subsidiaries remain in place, signaling creditors continue to rely on a similar collateral and guarantor package.

Through the consent solicitation, AMC also amended the restricted payments covenant on the old notes to permit up to $50 million of equity buybacks or similar payouts. That flexibility can support shareholder returns, but it may modestly constrain future deleveraging if used heavily, making future capital allocation disclosures important context for credit investors.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 13, 2026 (March 9, 2026)

Commission File Number: 1-35106

AMC Networks Inc.

(Exact name of registrant as specified in its charter)

Nevada						27-5403694
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
11 Penn Plaza,
New York,			NY			10001
(Address of principal executive offices)						(Zip Code)

(212) 324-8500

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.01 per share

AMCX

The

NASDAQ

Stock Market LLC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 1.01 Entry into a Material Definitive Agreement

On March 13, 2026 (the “Early Settlement Date”), AMC Networks Inc. (the “Company” or “AMC Networks”) completed the early settlement of its previously announced (i) offer to exchange (the “Exchange Offer”) any and all of its outstanding 10.25% Senior Secured Notes due 2029 (the “Old Notes”), held by eligible holders of the Old Notes, for its newly-issued 10.50% Senior Secured Notes due 2032 (the “New Notes”) and (ii) related consent solicitation (the “Consent Solicitation”) to amend the indenture governing the Old Notes (the “Old Notes Indenture”) to amend the covenant that limits restricted payments in order to permit buybacks, purchases, redemptions, retirements or other acquisitions of the Company’s equity interests in an aggregate amount not to exceed $50,000,000 (the “Proposed Amendment”).

The early tender deadline was 5:00 p.m., New York City time, on March 6, 2026 (the “Early Tender Time”). As of the Early Tender Time, approximately $830.6 million in aggregate principal amount of outstanding Old Notes, representing approximately 95% of the $875 million total outstanding aggregate principal amount of the Old Notes, had been validly tendered and not validly withdrawn. In connection with early settlement of the Exchange Offer, the Company issued approximately $884 million in aggregate principal amount of the New Notes. All Old Notes exchanged were cancelled. Following such cancellation, approximately $44.4 million in aggregate principal amount of the Old Notes remains outstanding.

The New Notes are a further issuance of, and are in addition to, the 10.50% Senior Secured Notes due 2032 (the “Original 2032 Notes”) that the Company issued on July 3, 2025 in the aggregate principal amount of $400 million. The New Notes are fungible with the Original 2032 Notes and trade under the same CUSIP numbers as the Original 2032 Notes (except that New Notes issued pursuant to Regulation S will trade separately under a different CUSIP number until at least 40 days after the closing date and thereafter, subject to the terms of the New Notes Indenture (as defined below) and the applicable procedures of the depositary).

The New Notes will mature on July 15, 2032. The Company will pay interest on the New Notes at a rate of 10.50% per annum. Interest on the New Notes will accrue from January 15, 2026, the last interest payment date for the Original 2032 Notes and will be payable semi-annually in arrears on January 15 and July 15 of each year to the holders of record at the close of business on July 1 and January 1, whether or not a business day, prior to such interest payment date, provided that interest payable on the maturity date shall be payable to the person to whom principal shall be payable. The first interest payment date will be July 15, 2026.

The Company’s obligations under the New Notes are jointly and severally guaranteed, on a senior secured basis, by certain of the Company’s domestic subsidiaries that guarantee the Company’s credit facilities and other material debt, subject to customary exclusions (including certain insignificant subsidiaries, receivables subsidiaries and special-purpose producer subsidiaries).

The foregoing summary of the New Notes does not purport to be complete and is qualified in its entirety by reference to the full text of the Indenture, dated as of July 3, 2025, as amended by the First Supplemental Indenture, dated as of February 23, 2026, among the Company, each of the guarantors party thereto and U.S. Bank Trust Company, National Association, as Trustee (collectively, the “New Notes Indenture”).

On March 9, 2026, upon receipt of the requisite consents to adopt the Proposed Amendment with respect to the Old Notes, the Company entered into a first supplemental indenture to the Old Notes Indenture (the “First Supplemental Indenture”) implementing the Proposed Amendment. The foregoing summary of the Supplemental Indenture does not purport to be complete and is qualified in its entirety by reference to the full text of the First Supplemental Indenture, which is attached as Exhibit 4.3 hereto.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01     Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed as part of this Current Report on Form 8-K:

Exhibit Number						Item
4.1						Indenture, dated as of July 3, 2025, among the Company, as issuer, each of the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 3, 2025).
4.2						First Supplemental Indenture, dated as of February 23, 2026, to the Indenture, dated as of July 3, 2025, among the Company, as issuer, each of the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 23, 2026).
4.3						First Supplemental Indenture, dated as of March 9, 2026, to the Indenture, dated as of April 9, 2024, among the Company, as issuer, each of the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

AMC Networks Inc.

Date:

March 13, 2026

By:

/s/ Anne G. Kelly

Anne G. Kelly

Executive Vice President and Corporate Secretary

FAQ

What debt transaction did AMC Networks (AMCX) complete on March 13, 2026?

AMC Networks completed early settlement of a major note exchange. It swapped most of its 10.25% Senior Secured Notes due 2029 into new 10.50% Senior Secured Notes due 2032, issuing about $884 million of new notes and cancelling the tendered old notes.

How much of AMC Networks’ old 10.25% notes were tendered in the exchange offer?

About $830.6 million of the old notes were tendered. This represented roughly 95% of the $875 million total outstanding principal of the 10.25% Senior Secured Notes due 2029, leaving approximately $44.4 million of those old notes still outstanding after cancellation.

What are the key terms of AMC Networks’ new 10.50% Senior Secured Notes due 2032?

The new notes mature on July 15, 2032 and pay 10.50% interest. Interest accrues from January 15, 2026 and is payable semi-annually on January 15 and July 15, starting July 15, 2026, with guarantees from certain domestic subsidiaries on a senior secured basis.

How did AMC Networks change its covenant to allow equity buybacks?

AMC amended the restricted payments covenant on its old notes. Through a consent solicitation and supplemental indenture, it modified the covenant to permit buybacks, purchases, redemptions, retirements or similar acquisitions of its equity interests in an aggregate amount up to $50 million.

How do the new AMC Networks notes relate to the existing 2032 notes issue?

The new notes are fungible with existing 2032 notes. They are an additional issuance of the 10.50% Senior Secured Notes due 2032 originally issued in 2025 and share the same CUSIP numbers, except certain Regulation S notes that trade separately for at least 40 days.

What guarantees support AMC Networks’ new 10.50% notes due 2032?

The notes are guaranteed by certain domestic subsidiaries. These subsidiaries also guarantee AMC Networks’ credit facilities and other material debt, subject to customary exclusions including insignificant entities, receivables vehicles and special-purpose producer subsidiaries, strengthening the secured creditor position.

Filing Exhibits & Attachments

4 documents

Other Documents

• EX-4.3 EX-4.3 72.2 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB