$AMC So they’re swapping debt. Not a huge deal and was expected weeks ago but didn’t happen bc no one wanted to mess with it. As always, devil is in the details so am eagerly awaiting the filings.

From the WSJ article:

“The proposed deal, which could be announced within days, would require bondholders to provide a $200 million senior loan and to swap their unsecured claims at a discount for new, second-lien debt, people familiar with the matter said. Private-equity firm Silver Lake Group LLC, which has a representative on the company’s board and owns $600 million of convertible bonds, would swap for first-lien debt, they said.

Senior lenders including Apollo, Davidson Kempner Capital Management LP and Ares Management Corp. have pushed back against the proposal, which would allow Silver Lake to share in the collateral pledged to them.”
<ticker> so theyre swapping debt . not a huge deal and was expected weeks ago but did not happen bc no one wanted to mess with it . as always , devil is in the details so am eagerly awaiting the filings . from the wsj article : the proposed deal , which could be announced within days , would require bondholders to provide a $ <number> million senior loan and to swap their unsecured claims at a discount for new , second - lien debt , people familiar with the matter said . private - equity firm silver lake group llc , which has a representative on the companys board and owns $ <number> million of convertible bonds , would swap for first - lien debt , they said . senior lenders including apollo , davidson kempner capital management lp and ares management corp . have pushed back against the proposal , which would allow silver lake to share in the collateral pledged to them .