AMC Networks (Nasdaq: AMCX) shifts 2029 notes into larger 2032 bond issue
Rhea-AI Filing Summary
AMC Networks Inc. has effectively refinanced nearly all of its 10.25% Senior Secured Notes due 2029 by exchanging most of them into new 10.50% Senior Secured Notes due 2032 and calling the small remaining balance for redemption. The company previously settled an exchange of approximately $830.6 million of old notes and, on March 25, 2026, issued about $31.1 million in additional 2032 notes for later tenders, bringing total participation to 98.43% of the original 2029 notes. After the exchange, about $13.7 million of the 2029 notes remain and will be fully redeemed on April 6, 2026 at 105.125% of principal plus accrued interest. The new 10.50% notes, which are fungible with an existing $400 million 2032 series, pay semi-annual interest and mature on July 15, 2032, extending the company’s debt maturity profile.
Positive
- None.
Negative
- None.
Insights
AMC Networks extends debt maturities by shifting 2029 notes into a larger 2032 issue and redeeming the residual balance.
AMC Networks exchanged the vast majority of its 10.25% secured notes due 2029 into new 10.50% secured notes due 2032, issuing about $31.1 million of additional 2032 notes on March 25, 2026 and reaching 98.43% participation overall. This builds on an existing $400 million 2032 tranche, creating a larger single maturity.
Only about $13.7 million of the 2029 notes remain, and these will be redeemed on April 6, 2026 at 105.125% of principal plus accrued interest. The transaction slightly increases the coupon to 10.50% but pushes the final maturity to July 15, 2032, which may ease near-term refinancing pressure while keeping overall leverage and interest costs elevated.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
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 26, 2026 (
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
| |
||
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading |
Name of each exchange on which registered | ||
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 8.01 | Other Events. |
As previously announced, on March 13, 2026, AMC Networks Inc. (“AMC Networks” or the “Company”) completed the early settlement of the exchange of approximately $830.6 million in aggregate principal amount (the “Early Tendered Notes”) of its 10.25% Senior Secured Notes due 2029 (the “Old Notes”) that were validly tendered on or before the early tender deadline of 5:00 p.m., New York City time, on March 6, 2026 (the “Early Tender Time”) in the Company’s previously announced offer to exchange (the “Exchange Offer”) any and all of its outstanding Old Notes for its newly-issued 10.50% Senior Secured Notes due 2032 (the “New Notes”).
The Exchange Offer expired at 5:00 p.m., New York City time, on March 23, 2026 (the “Expiration Time”). As of the Expiration Time, an additional $30,693,000 in aggregate principal amount of Old Notes was validly tendered in the Exchange Offer following the Early Tender Time (the “Additional Tendered Notes”). On March 25, 2026 (the “Final Settlement Date”), in connection with the final settlement of the Exchange Offer, the Company issued approximately $31.1 million in aggregate principal amount of New Notes. All Additional Tendered Notes exchanged were cancelled. The Additional Tendered Notes and the Early Tendered Notes together represent 98.43% of the aggregate outstanding principal amount of Old Notes prior to the Exchange Offer. Following such cancellation, approximately $13.7 million in aggregate principal amount of 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.
On March 26, 2026, the Company issued a press release announcing that it has given notice of redemption of all of its remaining outstanding Old Notes, which following the final settlement of the Exchange Offer totaled approximately $13.7 million in aggregate principal amount. The Old Notes will be redeemed on April 6, 2026 at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| 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 No. |
Description | |
| 99.1 | Press Release of AMC Networks Inc., dated March 26, 2026, titled “AMC Networks Announces Full Redemption of Outstanding 10.25% Senior Secured Notes due 2029”* | |
| 104 | The cover page from the Company’s Current Report on Form 8-K, formatted in Inline XBRL. | |
| * | Furnished herewith |
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.
Date: March 26, 2026
| AMC NETWORKS INC. | ||||
| By: | /s/ Anne G. Kelly | |||
| Name: | Anne G. Kelly | |||
| Title: | Executive Vice President and Corporate Secretary | |||
Exhibit 99.1
AMC Networks Announces Full Redemption of Outstanding 10.25% Senior Secured Notes due 2029
New York, NY (March 26, 2026) – AMC Networks Inc. (Nasdaq: AMCX) (“AMC Networks” or the “Company”) announced today that it has given notice of redemption of all of its outstanding 10.25% Senior Secured Notes due 2029 (CUSIP Nos. 00164V AG8 (144A) / U02400 AB2 (Reg S)) (the “Notes”) on April 6, 2026 (the “Redemption Date”). The Notes will be redeemed at a redemption price of 105.125% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date (the “Redemption Price”).
AMC Networks has instructed U.S. Bank Trust Company, National Association, as the trustee for the Notes (the “Trustee”), to distribute a notice of redemption to all registered holders of the Notes on March 26, 2026. Copies of the notice of redemption and additional information relating to the procedure for the redemption of the Notes may be obtained from U.S. Bank Trust Company, National Association by calling 1-(800)-934-6802.
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, HIDIVE and All Reality; 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 and terms of the redemption of the 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 debt transaction did AMC Networks (AMCX) complete in this 8-K?
How much of AMC Networks’ 10.25% 2029 notes were exchanged into new 2032 notes?
What amount of new 10.50% 2032 notes did AMC Networks issue in the final settlement?
How much of AMC Networks’ old 10.25% 2029 notes remain and how will they be treated?
What are the key terms of AMC Networks’ new 10.50% Senior Secured Notes due 2032?
How does this transaction affect AMC Networks’ overall debt structure?
Filing Exhibits & Attachments
4 documents