AMC Preferred Equity (APE) Dropped Over 8% in Morning Trading

Tiger Newspress2022-12-28

AMC Preferred Equity (APE) dropped over 8% in morning trading. AMC Entertainment Holdings said last Thursday it would raise $110 million in new equity capital through the sale of its preferred stock.

Antara Capital will buy APE at an average price of 66 cents per share.

Antara, a current AMC debt holder, will also exchange $100 million in debt for about 91 million APE units, which would reduce AMC's annual interest expense by about $10 million.

AMC in August announced APE as a special dividend for shareholders and a means to raise capital in the future. The company in the same month listed the stock in New York under the ticker 'APE'.

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WilliamFish
2022-12-29
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