NOTE 6—CORPORATE BORROWINGS AND FINANCE LEASE LIABILITIES A summary of the carrying value of corporate borrowings and finance lease liabilities is as follows: | | | | | | | (In millions) | | June 30, 2024 | | December 31, 2023 | First Lien Secured Debt: | | | | | | | Senior Secured Credit Facility-Term Loan due 2026 (8.444% as of June 30, 2024 and 8.474% as of December 31, 2023) | | $ | 1,895.0 | | $ | 1,905.0 | 12.75% Odeon Senior Secured Notes due 2027 | | | 400.0 | | | 400.0 | 7.5% First Lien Notes due 2029 | | | 950.0 | | | 950.0 | Second Lien Secured Debt: | | | | | | | 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 | | | 777.6 | | | 968.9 | Subordinated Debt: | | | | | | | 6.375% Senior Subordinated Notes due 2024 (£4.0 million par value as of June 30, 2024) | | | 5.0 | | | 5.1 | 5.75% Senior Subordinated Notes due 2025 | | | 98.3 | | | 98.3 | 5.875% Senior Subordinated Notes due 2026 | | | 51.5 | | | 51.5 | 6.125% Senior Subordinated Notes due 2027 | | | 125.5 | | | 125.5 | Total principal amount of corporate borrowings | | $ | 4,302.9 | | $ | 4,504.3 | Finance lease liabilities | | | 50.6 | | | 55.4 | Deferred financing costs | | | (27.5) | | | (31.1) | Net premium (1) | | | 60.1 | | | 104.2 | Total carrying value of corporate borrowings and finance lease liabilities | | $ | 4,386.1 | | $ | 4,632.8 | Less: | | | | | | | Current maturities of corporate borrowings | | | (123.1) | | | (25.1) | Current maturities of finance lease liabilities | | | (4.3) | | | (5.4) | Total noncurrent carrying value of corporate borrowings and finance lease liabilities | | $ | 4,258.7 | | $ | 4,602.3 |
| (1) | The following table provides the net premium (discount) amounts of corporate borrowings: | |
| | | | | | | | | June 30, | | December 31, | (In millions) | | 2024 | | 2023 | 10%/12% Cash/PIK Toggle Second Lien Subordinated Notes due 2026 | | $ | 86.5 | | $ | 133.9 | Senior Secured Credit Facility-Term Loan due 2026 | | | (2.6) | | | (3.3) | 12.75% Odeon Senior Secured Notes due 2027 | | | (23.8) | | | (26.4) | Net premium | | $ | 60.1 | | $ | 104.2 |
The following table provides the principal payments required and maturities of corporate borrowing as of June 30, 2024: | | | | | | Principal | | | Amount of | | | Corporate | (In millions) | | Borrowings | Six months ended December 31, 2024 | | $ | 15.0 | 2025 | | | 118.3 | 2026 | | | 2,694.1 | 2027 | | | 525.5 | 2028 | | | — | 2029 | | | 950.0 | Total | | $ | 4,302.9 |
Debt Repurchases and Exchanges The below table summarizes the various debt for equity exchange transactions that occurred during the six months ended June 30, 2024. The transactions were treated as early extinguishments of debt. In accordance with ASC 470-50-40-3, the reacquisition price of the extinguished debt was determined to be the fair value of the Common Stock exchanged. | | | | | | | | | | | | | | | | | | Shares of | | | | | | | | | Aggregate Principal | | Common Stock | | Gain on | | Accrued Interest | (In millions, except for share data) | | Exchanged | | Exchanged | | Extinguishment | | Exchanged | Second Lien Notes due 2026 | | $ | 191.4 | | | 27,545,325 | | $ | 91.1 | | $ | 7.4 |
The below table summarizes the cash debt repurchase transactions during the six months ended June 30, 2023, including repurchases with a related party: | | | | | | | | | | | | | | | Aggregate Principal | | Reacquisition | | Gain on | | Accrued Interest | (In millions) | | Repurchased | | Cost | | Extinguishment | | Paid | Related party transactions: | | | | | | | | | | | | | Second Lien Notes due 2026 | | $ | 58.9 | | $ | 36.2 | | $ | 33.4 | | $ | 1.0 | 5.875% Senior Subordinated Notes due 2026 | | | 4.1 | | | 1.7 | | | 2.3 | | | 0.1 | Total related party transactions | | | 63.0 | | | 37.9 | | | 35.7 | | | 1.1 | Non-related party transactions: | | | | | | | | | | | | | Second Lien Notes due 2026 | | | 82.5 | | | 46.2 | | | 51.0 | | | 2.1 | Total non-related party transactions | | | 82.5 | | | 46.2 | | | 51.0 | | | 2.1 | Total debt repurchases | | $ | 145.5 | | $ | 84.1 | | $ | 86.7 | | $ | 3.2 |
See Note 7—Stockholders’ Deficit for discussion of the $100.0 million aggregate principal amount of Second Lien Notes due 2026 repurchased from Antara in exchange for 9,102,619 AMC Preferred Equity Units not included in the table above. See Note 13—Subsequent Events for discussion of debt refinancing transactions that occurred after the balance sheet date. Financial Covenants As of April 19, 2024, and in anticipation of the maturity of the Senior Secured Revolving Credit Facility, the Company voluntarily terminated the commitments under the Senior Secured Revolving Credit Facility in full and paid off any remaining obligations with respect to the Senior Secured Revolving Credit Facility. The financial covenants and related covenant suspension conditions are no longer in effect pursuant to the terms of the Credit Agreement. The termination of the Senior Secured Revolving Credit Facility does not otherwise affect the senior secured term loan facility under the Credit Agreement. The Company currently does not expect to replace the Senior Secured Revolving Credit Facility.
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