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2022-01-26

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AMC in Advanced Talks to Refinance Debt as Meme-Stock Luster Fades<blockquote>随着模因股票光彩消退，AMC正在就债务再融资进行深入谈判</blockquote>

As AMC shares and bonds fall, the cinema giant is in active discussions to refinance its high-intere

AMC in Advanced Talks to Refinance Debt as Meme-Stock Luster Fades<blockquote>随着模因股票光彩消退，AMC正在就债务再融资进行深入谈判</blockquote>

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The selloff in AMC’s bonds might make refinancing more difficult, especially as the Federal Reserve prepares to raise rates, according to financial analysts.<blockquote>首席执行官亚当·阿伦(Adam Aron)今年早些时候表示，他希望在2022年为公司承担的昂贵债务进行再融资，以度过疫情。金融分析师表示，AMC债券的抛售可能会使再融资变得更加困难，尤其是在美联储准备加息之际。</blockquote>AMC’s stock has declined by 41% this year through Tuesday’s market close, a steeper drop than the broader market selloff hitting stocks and cryptocurrencies. While the company’s bonds had previously held up even as its shares slipped, on Monday the bonds dropped by several points. That indicates that even creditors, who enjoy a greater degree of protection from losses than stockholders, are getting skittish about the business.<blockquote>截至周二收盘，AMC的股价今年已下跌41%，跌幅比股市和加密货币遭受的大盘抛售还要大。尽管该公司的债券此前在股价下跌时仍保持稳定，但周一债券下跌了几个点。这表明，即使是比股东享有更大程度的损失保护的债权人，也对业务感到不安。</blockquote>AMC isn’t targeting all of its debt stack for refinancing, just some of its bonds that carry especially high interest, one of the people familiar with the matter said. Even if the decline in AMC’s bond prices caused their yields to rise, the company may still be able to strike a deal that would cut interest expense compared with what it pays now, the person said.<blockquote>一位知情人士表示，AMC并没有将其所有债务进行再融资，只是部分利息特别高的债券。该人士表示，即使AMC债券价格下跌导致其收益率上升，该公司仍可能达成一项协议，与目前支付的利息相比，将削减利息支出。</blockquote>AMC had $5.5 billion of debt as of September that ranks ahead of the equity, including high-interest bonds, and owed $376 million of lease payments that were deferred during the pandemic.<blockquote>截至9月份，AMC的债务为55亿美元，领先于股本，其中包括高息债券，并欠下3.76亿美元在疫情期间延期的租赁付款。</blockquote>On Tuesday, AMC’s $1.5 billion in secured 10% bonds due 2026 traded as low as 92 cents on the dollar, down from 99.5 cents at the start of the year. Another bond with less collateral protection traded as low as 69 cents on the dollar on Monday, down from 72 cents in early January, according to MarketAxess.<blockquote>周二，AMC 2026年到期的15亿美元10%担保债券兑美元汇率低至92美分，低于年初的99.5美分。根据MarketAxess的数据，另一种抵押品保护较差的债券周一交易价格低至69美分，低于1月初的72美分。</blockquote>In early 2021, AMC became a darling of individual investors, many of whom refer to themselves as the apes.They helped push AMC’s stock price to eye-popping heights through meme-heavy social-media hype, and they came to own more than 80% of the company.<blockquote>2021年初，AMC成为个人投资者的宠儿，其中许多人将自己称为猿类。他们通过大量的社交媒体炒作，帮助AMC的股价达到了令人瞠目结舌的高度，并拥有了该公司80%以上的股份。</blockquote>“At first it was a very well-defined and purposeful anti-Wall Street type movement,” said Chad Beynon, an analyst at Macquarie Group Ltd., regarding the ape community. “That story is no longer as attractive. After seeing it not working for a few months, there’s some sort of fatigue.”<blockquote>麦格理集团(Macquarie Group Ltd.)分析师查德·贝农(Chad Beynon)在谈到ape社区时表示：“起初，这是一场定义明确、目的明确的反华尔街运动。”“那个故事已经没有那么吸引人了，看了几个月不起作用，有种疲劳感。”</blockquote>AMC, as well as its peers in the cinema business, continue to struggle with getting customers into their theaters as the pandemic drags on. While the film “Spider-Man: No Way Home” was a recent hit for the theater industry, box-office revenue for the latest weekend amounted to a mere $46 million, compared with $123 million the same weekend in 2020, and $104 million in 2019, according to Comscore data.<blockquote>随着疫情的持续，AMC及其影院行业的同行继续努力吸引顾客进入影院。根据Comscore的数据，虽然电影《蜘蛛侠：英雄无归》最近在影院行业大受欢迎，但最近一个周末的票房收入仅为4600万美元，而2020年同一周末为1.23亿美元，2019年为1.04亿美元。</blockquote>Since the Covid-19 pandemic began, AMC has stayed alive by a combination of selling new shares, taking on new debt and getting landlords to agree to delay collecting rent payments. But the apes’ takeover of AMC has restricted its options for dealing with the debts it took on to get through the worst of the pandemic lockdowns.<blockquote>自Covid-19大流行开始以来，AMC通过出售新股、承担新债务以及让房东同意推迟收取租金等方式得以生存。但apes对AMC的收购限制了其处理债务的选择，以度过最严重的大流行封锁。</blockquote>Last year, AMC twice failed to win shareholder approval of new equity issuances as apes fretted about dilution, despite Mr. Aron lobbying to allow for more shares to be sold. Now the company isn’t able to issue stock to pay down debt, said Michael Pachter, an analyst at Wedbush Securities.<blockquote>去年，尽管阿伦先生游说允许出售更多股票，但由于APE担心股权稀释，AMC两次未能赢得股东对新股发行的批准。韦德布什证券(Wedbush Securities)分析师迈克尔·帕切特(Michael Pachter)表示，现在该公司无法发行股票来偿还债务。</blockquote>“The shareholders blew that,” Mr. Pachter said.<blockquote>“股东们搞砸了，”帕切特先生说。</blockquote>Despite the sliding share price, some apes are holding on, viewing their commitment to AMC as an act of defiance against the hedge funds and Wall Street institutions that bet against the stock by short selling it. The ape community has also become a forum for opposition to a financial system they believe stacks the deck against individual investors.<blockquote>尽管股价下滑，但一些猿类仍在坚持，将他们对AMC的承诺视为对对冲基金和华尔街机构的蔑视，这些机构通过卖空该股来做空该股。ape社区也成为反对金融体系的论坛，他们认为金融体系对个人投资者不利。</blockquote>Anton Torres, a cable technician in Washington state who bought stock in AMC last January, said that he and the other apes he knows are holding on to their shares because they believe that AMC’s stock price might rise again.<blockquote>去年1月购买了AMC股票的华盛顿州电缆技术员安东·托雷斯(Anton Torres)表示，他和他认识的其他猿类都持有自己的股票，因为他们相信AMC的股价可能会再次上涨。</blockquote>“I’m holding hoping the value increases, but I’m also holding because it’s bringing awareness to a system that is poorly regulated and I like the stock,” Mr. Torres said.<blockquote>“我持有是希望价值会增加，但我持有也是因为它让人们意识到监管不力的系统，而且我喜欢这只股票，”托雷斯先生说。</blockquote></body></html><blockquote></blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC in Advanced Talks to Refinance Debt as Meme-Stock Luster Fades<blockquote>随着模因股票光彩消退，AMC正在就债务再融资进行深入谈判</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC in Advanced Talks to Refinance Debt as Meme-Stock Luster Fades<blockquote>随着模因股票光彩消退，AMC正在就债务再融资进行深入谈判</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2022-01-26 07:11\n\n</h4>\n</header>\n<article>\n<html><head></head><body>As AMC shares and bonds fall, the cinema giant is in active discussions to refinance its high-interest debt, people familiar with the matter said<blockquote><html><head></head><body>知情人士称，随着AMC股票和债券下跌，这家电影巨头正在积极讨论为其高息债务进行再融资</body></html></blockquote><img src=\"https://static.tigerbbs.com/8bbd83fd4b253c1c0c2ce62fec75beec\" tg-width=\"860\" tg-height=\"573\" width=\"100%\" height=\"auto\"/>AMC shares have fallen 41% this year through Tuesday’s market close.<blockquote>截至周二收盘，AMC股价今年已下跌41%。</blockquote>AMC Entertainment Holdings Inc. is stepping up its efforts to refinance some of its debt as the cinema chain’s shares and bonds have slumped, giving up most of their gains since the company became a meme-stock favorite.<blockquote>AMC院线控股公司正在加紧努力为其部分债务进行再融资，因为这家连锁影院的股票和债券暴跌，回吐了自该公司成为模因股票最爱以来的大部分涨幅。</blockquote>AMC is in advanced refinancing talks with multiple interested parties, according to people familiar with the matter who said the company has options to lower its interest burden and stretch out maturities by several years.<blockquote>据知情人士透露，AMC正在与多个感兴趣的各方进行深入的再融资谈判，该公司可以选择降低利息负担并将期限延长几年。</blockquote>Chief Executive Adam Aron said earlier this year that in 2022 he would like to refinance the expensive debt the company took on to outlast the pandemic. The selloff in AMC’s bonds might make refinancing more difficult, especially as the Federal Reserve prepares to raise rates, according to financial analysts.<blockquote>首席执行官亚当·阿伦(Adam Aron)今年早些时候表示，他希望在2022年为公司承担的昂贵债务进行再融资，以度过疫情。金融分析师表示，AMC债券的抛售可能会使再融资变得更加困难，尤其是在美联储准备加息之际。</blockquote>AMC’s stock has declined by 41% this year through Tuesday’s market close, a steeper drop than the broader market selloff hitting stocks and cryptocurrencies. While the company’s bonds had previously held up even as its shares slipped, on Monday the bonds dropped by several points. That indicates that even creditors, who enjoy a greater degree of protection from losses than stockholders, are getting skittish about the business.<blockquote>截至周二收盘，AMC的股价今年已下跌41%，跌幅比股市和加密货币遭受的大盘抛售还要大。尽管该公司的债券此前在股价下跌时仍保持稳定，但周一债券下跌了几个点。这表明，即使是比股东享有更大程度的损失保护的债权人，也对业务感到不安。</blockquote>AMC isn’t targeting all of its debt stack for refinancing, just some of its bonds that carry especially high interest, one of the people familiar with the matter said. Even if the decline in AMC’s bond prices caused their yields to rise, the company may still be able to strike a deal that would cut interest expense compared with what it pays now, the person said.<blockquote>一位知情人士表示，AMC并没有将其所有债务进行再融资，只是部分利息特别高的债券。该人士表示，即使AMC债券价格下跌导致其收益率上升，该公司仍可能达成一项协议，与目前支付的利息相比，将削减利息支出。</blockquote>AMC had $5.5 billion of debt as of September that ranks ahead of the equity, including high-interest bonds, and owed $376 million of lease payments that were deferred during the pandemic.<blockquote>截至9月份，AMC的债务为55亿美元，领先于股本，其中包括高息债券，并欠下3.76亿美元在疫情期间延期的租赁付款。</blockquote>On Tuesday, AMC’s $1.5 billion in secured 10% bonds due 2026 traded as low as 92 cents on the dollar, down from 99.5 cents at the start of the year. Another bond with less collateral protection traded as low as 69 cents on the dollar on Monday, down from 72 cents in early January, according to MarketAxess.<blockquote>周二，AMC 2026年到期的15亿美元10%担保债券兑美元汇率低至92美分，低于年初的99.5美分。根据MarketAxess的数据，另一种抵押品保护较差的债券周一交易价格低至69美分，低于1月初的72美分。</blockquote>In early 2021, AMC became a darling of individual investors, many of whom refer to themselves as the apes.They helped push AMC’s stock price to eye-popping heights through meme-heavy social-media hype, and they came to own more than 80% of the company.<blockquote>2021年初，AMC成为个人投资者的宠儿，其中许多人将自己称为猿类。他们通过大量的社交媒体炒作，帮助AMC的股价达到了令人瞠目结舌的高度，并拥有了该公司80%以上的股份。</blockquote>“At first it was a very well-defined and purposeful anti-Wall Street type movement,” said Chad Beynon, an analyst at Macquarie Group Ltd., regarding the ape community. “That story is no longer as attractive. After seeing it not working for a few months, there’s some sort of fatigue.”<blockquote>麦格理集团(Macquarie Group Ltd.)分析师查德·贝农(Chad Beynon)在谈到ape社区时表示：“起初，这是一场定义明确、目的明确的反华尔街运动。”“那个故事已经没有那么吸引人了，看了几个月不起作用，有种疲劳感。”</blockquote>AMC, as well as its peers in the cinema business, continue to struggle with getting customers into their theaters as the pandemic drags on. While the film “Spider-Man: No Way Home” was a recent hit for the theater industry, box-office revenue for the latest weekend amounted to a mere $46 million, compared with $123 million the same weekend in 2020, and $104 million in 2019, according to Comscore data.<blockquote>随着疫情的持续，AMC及其影院行业的同行继续努力吸引顾客进入影院。根据Comscore的数据，虽然电影《蜘蛛侠：英雄无归》最近在影院行业大受欢迎，但最近一个周末的票房收入仅为4600万美元，而2020年同一周末为1.23亿美元，2019年为1.04亿美元。</blockquote>Since the Covid-19 pandemic began, AMC has stayed alive by a combination of selling new shares, taking on new debt and getting landlords to agree to delay collecting rent payments. But the apes’ takeover of AMC has restricted its options for dealing with the debts it took on to get through the worst of the pandemic lockdowns.<blockquote>自Covid-19大流行开始以来，AMC通过出售新股、承担新债务以及让房东同意推迟收取租金等方式得以生存。但apes对AMC的收购限制了其处理债务的选择，以度过最严重的大流行封锁。</blockquote>Last year, AMC twice failed to win shareholder approval of new equity issuances as apes fretted about dilution, despite Mr. Aron lobbying to allow for more shares to be sold. Now the company isn’t able to issue stock to pay down debt, said Michael Pachter, an analyst at Wedbush Securities.<blockquote>去年，尽管阿伦先生游说允许出售更多股票，但由于APE担心股权稀释，AMC两次未能赢得股东对新股发行的批准。韦德布什证券(Wedbush Securities)分析师迈克尔·帕切特(Michael Pachter)表示，现在该公司无法发行股票来偿还债务。</blockquote>“The shareholders blew that,” Mr. Pachter said.<blockquote>“股东们搞砸了，”帕切特先生说。</blockquote>Despite the sliding share price, some apes are holding on, viewing their commitment to AMC as an act of defiance against the hedge funds and Wall Street institutions that bet against the stock by short selling it. The ape community has also become a forum for opposition to a financial system they believe stacks the deck against individual investors.<blockquote>尽管股价下滑，但一些猿类仍在坚持，将他们对AMC的承诺视为对对冲基金和华尔街机构的蔑视，这些机构通过卖空该股来做空该股。ape社区也成为反对金融体系的论坛，他们认为金融体系对个人投资者不利。</blockquote>Anton Torres, a cable technician in Washington state who bought stock in AMC last January, said that he and the other apes he knows are holding on to their shares because they believe that AMC’s stock price might rise again.<blockquote>去年1月购买了AMC股票的华盛顿州电缆技术员安东·托雷斯(Anton Torres)表示，他和他认识的其他猿类都持有自己的股票，因为他们相信AMC的股价可能会再次上涨。</blockquote>“I’m holding hoping the value increases, but I’m also holding because it’s bringing awareness to a system that is poorly regulated and I like the stock,” Mr. Torres said.<blockquote>“我持有是希望价值会增加，但我持有也是因为它让人们意识到监管不力的系统，而且我喜欢这只股票，”托雷斯先生说。</blockquote></body></html><blockquote></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/amc-in-advanced-talks-to-refinance-debt-as-meme-stock-luster-fades-11643121676?mod=lead_feature_below_a_pos1\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://www.wsj.com/articles/amc-in-advanced-talks-to-refinance-debt-as-meme-stock-luster-fades-11643121676?mod=lead_feature_below_a_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111320468","content_text":"As AMC shares and bonds fall, the cinema giant is in active discussions to refinance its high-interest debt, people familiar with the matter saidAMC shares have fallen 41% this year through Tuesday’s market close.AMC Entertainment Holdings Inc. is stepping up its efforts to refinance some of its debt as the cinema chain’s shares and bonds have slumped, giving up most of their gains since the company became a meme-stock favorite.AMC is in advanced refinancing talks with multiple interested parties, according to people familiar with the matter who said the company has options to lower its interest burden and stretch out maturities by several years.Chief Executive Adam Aron said earlier this year that in 2022 he would like to refinance the expensive debt the company took on to outlast the pandemic. The selloff in AMC’s bonds might make refinancing more difficult, especially as the Federal Reserve prepares to raise rates, according to financial analysts.AMC’s stock has declined by 41% this year through Tuesday’s market close, a steeper drop than the broader market selloff hitting stocks and cryptocurrencies. While the company’s bonds had previously held up even as its shares slipped, on Monday the bonds dropped by several points. That indicates that even creditors, who enjoy a greater degree of protection from losses than stockholders, are getting skittish about the business.AMC isn’t targeting all of its debt stack for refinancing, just some of its bonds that carry especially high interest, one of the people familiar with the matter said. Even if the decline in AMC’s bond prices caused their yields to rise, the company may still be able to strike a deal that would cut interest expense compared with what it pays now, the person said.AMC had $5.5 billion of debt as of September that ranks ahead of the equity, including high-interest bonds, and owed $376 million of lease payments that were deferred during the pandemic.On Tuesday, AMC’s $1.5 billion in secured 10% bonds due 2026 traded as low as 92 cents on the dollar, down from 99.5 cents at the start of the year. Another bond with less collateral protection traded as low as 69 cents on the dollar on Monday, down from 72 cents in early January, according to MarketAxess.In early 2021, AMC became a darling of individual investors, many of whom refer to themselves as the apes.They helped push AMC’s stock price to eye-popping heights through meme-heavy social-media hype, and they came to own more than 80% of the company.“At first it was a very well-defined and purposeful anti-Wall Street type movement,” said Chad Beynon, an analyst at Macquarie Group Ltd., regarding the ape community. “That story is no longer as attractive. After seeing it not working for a few months, there’s some sort of fatigue.”AMC, as well as its peers in the cinema business, continue to struggle with getting customers into their theaters as the pandemic drags on. While the film “Spider-Man: No Way Home” was a recent hit for the theater industry, box-office revenue for the latest weekend amounted to a mere $46 million, compared with $123 million the same weekend in 2020, and $104 million in 2019, according to Comscore data.Since the Covid-19 pandemic began, AMC has stayed alive by a combination of selling new shares, taking on new debt and getting landlords to agree to delay collecting rent payments. But the apes’ takeover of AMC has restricted its options for dealing with the debts it took on to get through the worst of the pandemic lockdowns.Last year, AMC twice failed to win shareholder approval of new equity issuances as apes fretted about dilution, despite Mr. Aron lobbying to allow for more shares to be sold. Now the company isn’t able to issue stock to pay down debt, said Michael Pachter, an analyst at Wedbush Securities.“The shareholders blew that,” Mr. Pachter said.Despite the sliding share price, some apes are holding on, viewing their commitment to AMC as an act of defiance against the hedge funds and Wall Street institutions that bet against the stock by short selling it. The ape community has also become a forum for opposition to a financial system they believe stacks the deck against individual investors.Anton Torres, a cable technician in Washington state who bought stock in AMC last January, said that he and the other apes he knows are holding on to their shares because they believe that AMC’s stock price might rise again.“I’m holding hoping the value increases, but I’m also holding because it’s bringing awareness to a system that is poorly regulated and I like the stock,” Mr. Torres said.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":2961,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}