AMC reportedly in superior talks to refinance debt

A man walks past the AMC Georgetown 14 Theaters on June 3, 2021 in Washington, DC.

Almond Ngan | AFP | Getty Images

AMC entertainment accelerated its plan to refinance its debt, according to a new report from The Wall Street Journal.

The publication said the The cinema chain is in advanced refinancing talks with several interested parties to reduce the interest burden and extend the terms by several years. This follows comments from CEO Adam Aron earlier this month that one of his key goals for 2022 was to improve the company’s financial position.

An AMC spokesman declined CNBC’s request for comment.

AMC’s total debt tops $5 billion, but Aron has repeatedly cautioned investors that it has no maturities until 2023.

On Tuesday, AMC shares fell more than 4% on debt refinancing news. amid robust selling in the broader market.

AMC’s push to shore up its balance sheet comes as the company’s stock has fallen more than 40% year-to-date, reversing big gains that helped AMC avoid bankruptcy last year. AMC’s stock value was boosted in 2021 by retail investors who closely followed the stock on social media platforms like Reddit.

AMC has been caught up in the meme stock trading frenzy and was able to replenish its coffers through stock sales in early 2021, but twice failed to win shareholder approval to issue new shares in the company. That means the company can’t issue any more shares to pay off its debt.

Read the full report from The Wall Street Journal.

Perry Colleges saves taxpayers cash with current refinance | Allen County

The Perry School District worked hard during the pandemic, including behind the scenes. They took this opportunity to refinance some of their bonds and save their taxpayers some money.

The school district had over $ 8 million in outstanding loans from building the brand new elementary school. Given the pandemic that made the market quite cheap for borrowers, the Perry Schools saw the perfect time to refinance.

The refinance completed saved the district taxpayers more than $ 3 million, or approximately 30 percent of the refund amount.

Mandy France, CFO of the Treasurer of the Perry School District, said, “It is not necessarily a dollar saving for our district, but it is for our taxpayers and we really value them. We want them to know that we are always working to save them money. ”

The school district says they are always looking for ways to save their community money and have appreciated the support from them along the way.