再上網search, 應該係問你要不要用你的舊債(2025)換新債(2026)
現在隻bond AMC Corp 5.75 Jun15'25得返$33
睇返個Corporate Action:
"$501.25 principal amount of New Notes" >> 即係新債價是$50.125, 比現價多了
"due 2026" >> 但新債要遲一年到期, 好似係May 1, 2026 (ref: businesswire.com)
"12% Cash/PIK" >> 12%是派息多了嗎?
但PIK又是什麼呢?
原來PIK(Payment-In-Kind)指以債代息 (ref: investopedia)
即係如果公司沒錢付息給你, 可給你一些bond unit代替
"20.00 P.A Early Tender Premium" >> 估計是 若提早call走 會送2% (ref: westfinancial, 另外, 文中有句"issuers are likely doing this for their benefit, not for the benefit of bondholders" 我很同意)
總結: 公司用新債換舊債和以債代息都係想buy time遲些付息, 有機會渡過難關
我會博佢唔執, 繼續持有收息
而且不想遲一年到期, 會take no action
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AMC Entertainment Holdings, Inc has offered to exchange its outstanding notes, including the 5.75% Senior Subordinated Notes due 2025, for up to 640,000,000 USD aggregate principal amount of new notes.
***IMPORTANT***
This exchange offer will only be made, and the new notes are only being offered for issuance to eligible holders of old notes who certify that they are (1) "Qualified Institutional Buyers" (QIB) (as defined in Rule 144A under the Securities Act), (2) a person other than a "U.S. Person" in reliance upon Regulation S under the Securities Act, or (3) an "accredited investor" (AI) (as defined in subparagraphs (a)(1), (2), (3) or (7) of Rule 501 under the Securities Act).
By submitting an election to this offer, the account holder confirms they have independently verified the terms of, and their eligibility to participate in, the offer and therefore confirms the account meets all eligibility requirements.
The terms of the offer are as follows (subject to proration):
Option 1 - Take no action
Option 2 - QIB Only: Tender notes for exchange: 501.25 P.A. New 12% Cash/PIK Second Lien Secured Notes due 2026 + 20.00 P.A Early Tender Premium + Accrued Interest per 1,000 principal amount tendered and accepted
Option 3 - Non-US Only: Tender notes for exchange: 501.25 P.A. New 12% Cash/PIK Second Lien Secured Notes due 2026 + 20.00 P.A Early Tender Premium + Accrued Interest per 1,000 principal amount tendered and accepted
Option 4 - AI Only: Tender notes for exchange: 501.25 P.A. New 12% Cash/PIK Second Lien Secured Notes due 2026 + 20.00 P.A Early Tender Premium + Accrued Interest per 1,000 principal amount tendered and accepted
