On Monday, AMC Entertainment (NYSE: AMC) stated in an SEC filing that it had entered into an equity distribution agreement with Citigroup to sell up to a maximum of 425 million Preferred Equity Units.
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AMC intends to use the net proceeds from the sale of these preferred equity units “primarily to repay, refinance, redeem or repurchase the Company’s existing indebtedness (including expenses, accrued interest and premium, if any) and otherwise for general corporate purposes.”
The sale of these AMC Preferred Equity Units is in relation to a dividend issued by the company in August. AMC had issued a dividend consisting of AMC Preferred Equity Units to its Class A common stockholders.