AMC Networks Shares Tumble on $125 Million Notes Offering
By Dean Seal
Shares of AMC Networks sank after the company said it would sell $125 million in convertible notes through a private offering to institutional buyers.
The stock was down 28% at $11.30 in early trading. Shares have fallen more 29% since the start of the year.
The entertainment company said before the market opened Monday that it intends to offer convertible senior notes due in 2029 to what are believed to be qualified institutional buyers.
The company also expects to grant initial purchasers an option to buy an additional $18.75 million in notes.
Net proceeds will be used for general corporate purposes, including potentially paying down debt, AMC Networks said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 17, 2024 10:14 ET (14:14 GMT)
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