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The consents received exceeded the number needed to approve the proposed amendments to the indenture under which the 2012 Notes were issued. The terms of the tender offer and consent solicitation for the 2012 Notes are detailed in AMC's Offer to Purchase and Consent Solicitation Statement dated May 26.
Under the terms of the tender offer, holders who tendered on or prior to the Consent Date will receive $1,030.00 per $1,000 in principal amount of the 2012 Notes validly tendered. Holders who tender after the Consent Date will receive $1,000.00 per $1,000 in principal amount of the 2012 Notes validly tendered. The tender offer will expire at midnight, New York City time, on June 22. The Company intends to redeem any 2012 Notes that remain outstanding after the consummation of the tender offer at a price of $1,021.56 per $1,000 principal amount of Notes as promptly as practicable after August 15, in accordance with the terms of the Indenture.
Based on the consents received, the Company and the trustee under the Indenture are expected to enter into a supplemental indenture that will, once operative, eliminate substantially all of the restrictive covenants and certain events of default and reduce the required notice period contained in the optional redemption provisions of the Indenture. The supplemental indenture will become operative tomorrow upon payment for 2012 Notes tendered on or prior to the Consent Date and accepted for purchase by the Company pursuant to the tender offer.
Headquartered in Kansas City, Mo., AMC Entertainment Inc. is a theatrical exhibition and entertainment company.
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