v3.26.1
Long-term Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
The Company's long-term debt consists of:
(In thousands)March 31, 2026December 31, 2025
Senior Secured Credit Facility: (a)
Term Loan A Facility$80,028 $82,795 
Senior Notes:
       10.25% Senior Secured Notes due January 2029
13,702 875,000 
       4.25% Senior Notes due February 2029
276,706 276,706 
       4.25% Convertible Senior Notes due February 2029
143,750 143,750 
       10.50% Senior Secured Notes due July 2032
1,315,098 400,000 
Total long-term debt1,829,284 1,778,251 
Unamortized discount(71,379)(18,883)
Unamortized deferred financing costs(8,617)(7,075)
Long-term debt, net1,749,288 1,752,293 
Current portion of long-term debt24,770 11,068 
Noncurrent portion of long-term debt$1,724,518 $1,741,225 
(a)Represents the aggregate principal amount of the debt, with maturities of the Term Loan A Facility of $80.0 million due April 2028. The Company also had commitments under its undrawn $175.0 million Revolving Credit Facility. On May 6, 2026, the Company gave notice that it would repay the Term Loan A Facility and terminate the Revolving Credit Facility on May 12, 2026.
Senior Secured Credit Facility
During the three months ended March 31, 2026, the Company repaid $2.8 million of the principal amount of the Term Loan A Facility.
AMC Global Media's credit agreement (as amended, the "Credit Agreement") requires AMC Global Media Inc. and its restricted subsidiaries on a consolidated basis to comply with a maximum total net leverage ratio of 5.75:1.00 from April 9, 2024 through March 31, 2026, after which the maximum total net leverage ratio decreased to 5.50:1.00, subject to increase (not to exceed 6.00:1.00) if AMC Global Media consummates any leveraging acquisition. In addition, the Credit Agreement requires a minimum interest coverage ratio of 1.50:1.00 for AMC Global Media Inc. and its restricted subsidiaries on a consolidated basis for each quarter through September 30, 2028, with a step-up to 1.75:1.00 for fiscal quarters ending on or after December 31, 2028. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and accuracy of representations and warranties. AMC Global Media was in compliance with all of its financial covenants under the Credit Agreement as of March 31, 2026.
On May 6, 2026, the Company notified JPMorgan Chase Bank, N.A., pursuant to the terms of the Credit Agreement, that it would repay the $80.0 million remaining balance under the Term Loan A Facility and terminate the Revolving Credit Facility on May 12, 2026.
Consent Solicitation to Amend the 10.50% Senior Secured Notes due 2032
On February 23, 2026, the Company received requisite consents from holders of its 10.50% Senior Secured Notes due 2032 related to the effectiveness of amendments to the indenture governing the 10.50% Senior Secured Notes due 2032 to (1) amend the covenant that limits restricted payments in order to permit buybacks, purchases, redemptions, retirements or other acquisitions of AMC Global Media's equity interests in an aggregate amount not to exceed $50.0 million; (2) revise the covenant that limits transfers or licenses of certain trademarks to unrestricted subsidiaries to only permit transfers of non-exclusive licenses; and (3) restrict investments in unrestricted subsidiaries made pursuant to the definition of “Permitted Investments” to certain specified clauses in such definition. As a result of the receipt of requisite consents, the Company made a consent fee cash payment of $2.0 million in aggregate to all holders of the 10.50% Senior Secured Notes due 2032 who validly delivered and did not validly revoke their consents. The consent fee was accounted for as a debt modification in accordance with ASC Topic 470 and capitalized as a deferred financing cost.
Exchange Offer and Consent Solicitation to Amend the 10.25% Senior Secured Notes due 2029
On February 23, 2026, the Company commenced a private exchange offer (the “Exchange Offer”) and related consent solicitation (the “Consent Solicitation”) with respect to its outstanding 10.25% Senior Secured Notes due 2029 (the "2029 Notes"). Pursuant to the Exchange Offer, the Company offered to issue additional 10.50% Senior Secured Notes due 2032 (the “2032 Notes”) in exchange for any and all of the $875 million aggregate principal amount of 2029 Notes held by eligible holders of 2029 Notes. The 2032 Notes issued in the Exchange Offer form part of the same series as the 2032 Notes issued in July 2025. In addition, pursuant to the Consent Solicitation, the Company solicited consents from eligible holders to amend certain of the covenants in the indenture governing the 2029 Notes. For 2029 Notes tendered and not validly withdrawn before 5:00 p.m., New York City time, on March 6, 2026 (the "Early Tender Time"), eligible holders received the “Total Consideration” of $1,065 in aggregate principal amount of 2032 Notes (including an early tender premium of $50 in principal amount of 2032 Notes) for each $1,000 principal amount of 2029 Notes validly tendered and accepted for exchange by the Company. For 2029 Notes tendered after the Early Tender Time and on or before 5:00 p.m., New York City time, on March 23, 2026 (the “Expiration Time”), eligible holders received the “Exchange Consideration” of $1,015 in aggregate principal amount of 2032 Notes for each $1,000 principal amount of 2029 Notes validly tendered and accepted for exchange by the Company. The Total Consideration and Exchange Consideration, as applicable, were reduced by an amount equal to the result of (x) the aggregate amount of accrued and unpaid interest due on the 2032 Notes issued to eligible holders from and including the last interest payment date for the original 2032 Notes to but not including the applicable settlement date less (y) the aggregate amount of accrued and unpaid interest due on the 2029 Notes validly tendered and accepted by the Company from and including the last interest payment date for such 2029 Notes to but not including the applicable settlement date.
On March 13, 2026, the Company completed the early settlement of the Exchange Offer. As of the Early Tender Time, approximately $830.6 million in aggregate principal amount of outstanding 2029 Notes had been validly tendered and not validly withdrawn. In connection with early settlement of the Exchange Offer, the Company issued $884 million in aggregate principal amount of the 2032 Notes.
On March 25, 2026, the Company completed the final settlement of the Exchange Offer. As of the Expiration Time, an additional approximately $30.7 million in aggregate principal amount of 2029 Notes was validly tendered in the Exchange Offer. In connection with the final settlement of the Exchange Offer, the Company issued approximately $31.1 million in aggregate principal amount of 2032 Notes. All tendered 2029 Notes exchanged in the Exchange offer were cancelled. Following such cancellation, approximately $13.7 million in aggregate principal amount of 2029 Notes remained outstanding as of March 31, 2026. The incremental aggregate principal issued on the 2032 Notes included in the Total Consideration and Exchange Consideration was $53.8 million and was accounted for as a debt modification in accordance with ASC Topic 470. As such, this noncash aggregate principal increase resulted in a corresponding capitalized debt discount. The Company also incurred third-party fees specifically attributable to the Exchange Offer of $16.7 million and are included in Miscellaneous, net in the condensed consolidated statement of income (loss) for the three months ended March 31, 2026.
On April 6, 2026, the Company redeemed of all of its remaining outstanding 2029 Notes, totaling approximately $13.7 million in aggregate principal amount. The 2029 Notes were redeemed at a redemption price equal to 105.125% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date. As such, the remaining outstanding 2029 Notes aggregate principal amount of $13.7 million is included in the Current portion of long-term debt in the condensed consolidated balance sheet as of March 31, 2026.