AMC Networks (AMC Global Media) · AMCX
PUBLIC DATA CASEHYPOTHETICAL INVESTMENT TERMSHOLDDebt schedule & capital structure — LTM Jun-26 (2026-06-30)
PUBLIC FILING| Facility | Rank | Sec. | Face value | Rate type | Coupon / spread | Floor | PIK | All-in (base, 1st period) | Annual interest | Maturity | Amort. | Cum. leverage | Mark / price | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 10.50% Senior Secured Notes due 2032TARGET | 1 | Secured | $1.3B | Fixed | 10.50% | — | — | 10.50% | $138.1M | 2032-07-15 | bullet | 4.2x | 95.0UNDERWRITING ASSUMPTION | |
| 4.25% Senior Notes due 2029 | 2 | Unsecured | $276.7M | Fixed | 4.25% | — | — | 4.25% | $11.8M | 2029-02-15 | bullet | 5.1x | — | |
| 4.25% Convertible Senior Notes due 2029 | 2 | Unsecured | $143.8M | Fixed | 4.25% | — | — | 4.25% | $6.1M | 2029-02-15 | bullet | 5.5x | — | |
| Total debt (face value) | $1.7B | $156.0M | 5.5x | |||||||||||
| Less: cash | ($464.0M) | |||||||||||||
| Net debt | $1.3B | 4.1x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $450.2M | Goes to zero in any scenario where recovery value < claims. | ||||||||||||
Face value = legal claim; purchase price / mark is what an investor pays; coupon is the contractual cash / PIK return; yield and recovery are derived on the Returns and Recovery tabs. Book value of program rights, receivables, PP&E and intangibles at 2026-06-30 (derived from the 10-Q balance sheet); liquidation recovery on that base is an analyst assumption (30%).
Maturity wall & refinancing requirement
| Period | Debt due | % of debt | Projected liquidity | Refi requirement | Liq. ÷ maturity | Risk |
|---|---|---|---|---|---|---|
| LTM Jun-29E | $420M | 24% | $541M | — | 1.3x | Low |
| 2033 (beyond horizon) | $1.3B | 76% | $119M | $1.2B | 0.1x | Medium |
Projected liquidity = cash + undrawn revolver entering the period + that period’s positive FCF, in the selected scenario. * Beyond the 5-period horizon; liquidity shown at the end of period 5. Maturity periods map actual maturity dates to the model’s period-end month (June).
Refinancing risk engine — Downside
ANALYST PROJECTIONFor every maturing tranche: balance at maturity → can projected cash repay it? → if not, does leverage (net debt ÷ EBITDA ≤ scenario limit) and pro-forma interest coverage (≥ scenario minimum, at the assumed refinancing rate) permit refinancing? A failure with insufficient cash is a payment default and feeds the recovery waterfall.
| Tranche | Matures | Balance at maturity | Cash on hand | Net lev. (test ≤) | Pro-forma coverage (test ≥) | Refi rate | Interest burden after | Result | Resolution |
|---|---|---|---|---|---|---|---|---|---|
| 4.25% Senior Notes due 2029 | LTM Jun-29E | $276.7M | $540M | 6.3x (5.5x) | 0.98x (1.50x) | 13.0% | — | REFINANCING FAILURE | Repaid from cash |
| 4.25% Convertible Senior Notes due 2029 | LTM Jun-29E | $143.8M | $540M | 6.3x (5.5x) | 0.98x (1.50x) | 13.0% | — | REFINANCING FAILURE | Repaid from cash |
Projected debt balances by tranche — Downside
| Tranche | Current | LTM Jun-27E | LTM Jun-28E | LTM Jun-29E | LTM Jun-30E | LTM Jun-31E |
|---|---|---|---|---|---|---|
| 10.50% Senior Secured Notes due 2032 | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B |
| 4.25% Senior Notes due 2029 | $276.7M | $276.7M | $276.7M | $0.0M | $0.0M | $0.0M |
| 4.25% Convertible Senior Notes due 2029 | $143.8M | $143.8M | $143.8M | $0.0M | $0.0M | $0.0M |
| Total debt | $1.7B | $1.7B | $1.7B | $1.3B | $1.3B | $1.3B |
| Cash | $464.0M | $518.8M | $539.7M | $120.4M | $123.1M | $118.7M |
| Cash interest | $170.5M | $156.0M | $156.0M | $156.0M | $138.1M | $138.1M |
| PIK interest (non-cash) | — | — | — | — | — | |
| Funding gap | — | — | — | — | — |
R = remainder refinanced at the scenario refinancing rate. Maturities are repaid from cash above the minimum-cash reserve first; the market-access test governs only the remainder.
Sources & data lineage (4)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| SEC EDGAR | AMC Networks Inc. (now AMC Global Media Inc.) — Form 10-K, period ended 2025-12-31 | Annual report | 2025-12-31 | 0001514991-26-000011 | 2026-02-11 | 2026-10-07 | PUBLIC FILING |
| SEC EDGAR | AMC Networks Inc. — Form 10-K, period ended 2024-12-31 | Annual report | 2024-12-31 | 0001514991-25-000009 | 2025-02-14 | 2026-10-07 | PUBLIC FILING |
| SEC EDGAR | AMC Global Media Inc. — Form 10-Q, period ended 2026-06-30 | Quarterly report | 2026-06-30 | 0001514991-26-000089 | 2026-07-30 | 2026-10-07 | PUBLIC FILING |
| FRED (Federal Reserve Bank of St. Louis) | SOFR — Secured Overnight Financing Rate (3.90% on 2026-10-06) | Macro rate | — | — | 2026-10-06 | 2026-10-07 | PUBLIC FILING |