AMC Entertainment Prices IPO At $18/Share, Lower End Of Range

(RTTNews) - AMC Entertainment Holdings, Inc., the movie theater operator in the US, with 343 theatres and 4,950 screens, announced the pricing of initial public offering of 18.42 million shares of Class A common stock at $18.00 per share, the low end of the estimated range. The offering is expected to close on or about December 23, 2013.

In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had expected to price the initial public offering of 18.42 million shares of Class A common stock between $18.00 and $20.00 per share.

The company has granted the underwriters a 30-day option to purchase up to an additional 2.63 million shares at the initial public offering price, less underwriting discounts and commissions.

Leawood, Kansas-based company shares are expected to begin trading on the New York Stock Exchange under the symbol "AMC" on a when-issued basis December 18 and on a "regular-way" basis December 23, 2013.

The company, which was founded in 1920, expects offering net proceeds to be about $314.2 million after expenses, and prior to any exercise of the underwriters' option to purchase additional shares.

AMC, the cinema chain owned by China's Dalian Wanda Group, intends to use offering net proceeds primarily to retire outstanding indebtedness and also for general corporate purposes, including capital expenditures.

Citigroup and BofA Merrill Lynch are acting as joint book-running managers and representatives of the underwriters. Barclays and Credit Suisse are acting as joint book-running managers.

China's Dalian Wanda Group purchasedAMC from a group including private-equity funds Apollo Global Management LLC and Bain Capital in 2012.