AMC unit Odeon Finco to offer $400 million of 5-year bonds to raise money needed to repay term loans

Odeon Finco Plc, a unit of AMC Entertainment Holdings Inc.
AMC,
-4.33%,
said Wednesday it is issuing $400 million of senior secured five-year bonds in a private offering. Proceeds of the deal will be used with cash in hand to repay term loans. The bonds are backed by AMC. Odeon Finco is fully owned by Odeon Cinemas Group Ltd, an indirect unit of AMC. AMC shares were up 1.8% premarket, but have fallen 63% in the year to date, as the meme stock has been volatile for much of the year. The S&P 500
SPX,
-0.23%
has fallen 25% in the same time period.