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AMC Uses Stock Price Surge To Erase Some Debt

Colin Kellaher, Dow Jones Newswires
·1 min read
AMC Uses Stock Price Surge To Erase Some Debt

Taking advantage of a renewed mania for meme stocks, AMC Entertainment has struck deals to swap nearly 23.3 million shares for around $163.9 million of its 10%/12% cash/PIK toggle second-lien subordinated notes due 2026. AMC shares, which hit an all-time low in January and ended last week at $2.91, came back to life on Monday after the social media user known as Roaring Kitty, who helped drive the meme stock frenzy in 2021 posted on social-media platform X for the first time in nearly three years.

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