AMC Entertainment chief executive Adam Aron has fulfilled a new year’s resolution to bring down the cinema chain’s interest payments, borrowing nearly $1bn from investors to refinance more costly debt as a beneficiary of last year’s meme-stock craze.
The fundraising organised by Citigroup received blockbuster investor demand, allowing AMC to increase the deal size from $500mn to $950mn, according to people familiar with the matter.
It marks the latest chapter in AMC’s remarkable recovery after the bleak early days of the pandemic. Shares of the company soared when retail investors co-ordinated through social media platforms such as Reddit to buy its stock. That allowed AMC to raise cash through new share sales.
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