Firm Leads in AMC Networks' $2.05B Financing

August 7, 2017 — This year was the first year that Hughes Hubbard was engaged as underwriters’ counsel and lenders’ counsel for AMC Networks Inc. (AMC).  Hughes Hubbard represented the underwriting group in connection with AMC’s $800 million senior notes offering and represented the joint lead arrangers, administrative agent and collateral agent in connection with AMC’s $1.25 billion senior secured credit facility. 

In one of the transactions, which closed on July 28, 2017, AMC issued $800 million of 4.75 percent senior notes due 2025.  AMC used approximately $400 million of the net proceeds of the senior notes offering to repay loans under its outstanding term loan A facility, with the remaining proceeds to be used for general corporate purposes.  In the other transaction, AMC refinanced its existing credit facility with senior secured credit facilities consisting of a six-year $750 million term loan A facility maturing in July 2023 and a five-year $500 million revolving credit facility maturing in July 2022.

The joint book-runners for the AMC notes offering included Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC.
 
The joint lead arrangers for the AMC senior secured credit facilities were Merrill Lynch, Pierce, Fenner & Smith Incorporated and JPMorgan Chase Bank, N.A., with JPMorgan Chase Bank, N.A. serving as administrative agent and collateral agent.

Gary Simon led the notes offering team at HHR, which included Jenny Graham and Emily Nordin. Steve Greene led the credit facility team at HHR, which included M. Shams Billah, Brandon Gershowitz and Laura Trumbull. Jim Delaney handled ERISA matters and Katie Merrill handled intellectual property matters.  Alex Hernandez and Audrey Wilkins provided paralegal support for the transaction.