AMC Networks Begins $450M Tender Offer Funded by $400M Notes

AMC Networks announced a private offering of $400 million in senior secured notes due 2032 to fund a tender offer for up to $450 million of its outstanding 4.25% Senior Notes due 2029, along with paying related fees and repaying other corporate debt. The tender offer, which expires on July 17, 2025, offers holders different considerations depending on whether they tender by the early deadline or later, with accrued interest also payable. The notes will be guaranteed by AMC Networks’ domestic subsidiaries and are being offered under exemptions from registration requirements, limiting sales to qualified institutional buyers and certain non-U.S. persons. Despite this refinancing effort, AMC Networks faces financial challenges, including a 7% year-over-year revenue decline to $555 million and earnings per share below forecasts in the first quarter of 2025. The company operates multiple streaming services such as AMC+, Acorn TV, and Shudder, as well as cable networks and studios producing popular franchises like The Walking Dead Universe. These strategic financial moves aim to manage debt and stabilize the company amid ongoing revenue and profitability pressures.