AMC Networks slumps to record low after convertible debt deal priced

AMC Global Media

18/06/2024 18:24

** Shares of AMC Networks  AMCX.O  drop as much as 7.2% to
record low $9.46 on Tues after co's capital raise
    ** Cable TV and film entertainment firm late Mon announced
pricing private offering of $125 mln 4.25% convertible bonds due
2029
    ** Initial conversion price of $12.74 represents 25% premium
to stock's last close of $10.19
    ** AMCX on Mon plunged 35%, stock's biggest daily drop on
record, after co launched offering for general purposes,
including debt repayment
    ** Shares last down 2.6% at $9.92, extending YTD loss to
~47%, giving co roughly $440 mln current market cap, per LSEG

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))