AMC Networks Announces Any and All Exchange Offer and Consent Solicitation for its 10.25% Senior Secured Notes due 2029

Core Viewpoint - AMC Networks Inc. has initiated an exchange offer for its outstanding 10.25% Senior Secured Notes due 2029, allowing eligible holders to exchange these for newly issued 10.50% Senior Secured Notes due 2032, as detailed in the Offering Memorandum dated February 23, 2026 [1]. Exchange Offer Details - The total consideration for the exchange is set at $1,065 for each $1,000 principal amount of Old Notes validly tendered, with an exchange consideration of $1,015 for those tendered after the early tender time [2]. - The exchange offer will expire on March 23, 2026, with an early tender time set for March 6, 2026, where holders can receive the total consideration including an early tender premium of $50 [4][3]. - The company may opt for early settlement of the exchange offer, expected to occur on or after March 13, 2026, if conditions are met [5]. Consent Solicitation - Concurrently, the company is soliciting consents to amend the indenture governing the Old Notes, allowing for restricted payments up to $50 million [8]. - Holders can deliver consents either by tendering Old Notes or through a consent-only option, with a requirement for a majority consent from holders of the Old Notes [9]. New Notes Characteristics - The New Notes will mature on July 15, 2032, with an interest rate of 10.50% per annum, accruing from January 15, 2026, and payable semi-annually [13]. - The New Notes will be a further issuance of the previously issued 10.50% Senior Secured Notes due 2032, expected to be fungible with the original notes [12]. Eligibility and Distribution - The exchange offer is exclusively available to "Eligible Holders," defined as qualified institutional buyers or non-U.S. persons purchasing in offshore transactions [15][21]. - J.P. Morgan Securities LLC is acting as the lead dealer manager for the exchange offer, with several co-dealer managers assisting [17].