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AMC Networks (AMC Global Media) · AMCX

PUBLIC DATA CASEHYPOTHETICAL INVESTMENT TERMSHOLD

Credit metrics — LTM Jun-26

PUBLIC FILING inputs · CALCULATED metrics
MetricValueFormulaRaw inputs used
Total debt$1.7BΣ tranche principal (face value)debt=1735.6
Net debt$1.3BTotal debt − cashdebt=1735.6 · cash=464.0
Gross leverage (Debt / EBITDA)5.54xTotal debt ÷ EBITDAdebt=1735.6 · ebitda=313.0
Secured leverage4.20xSecured debt ÷ EBITDAsecured=1315.1 · ebitda=313.0
Net leverage4.06xNet debt ÷ EBITDAnetDebt=1271.6 · ebitda=313.0
Interest coverage (EBIT / interest)1.19xEBIT ÷ interest expenseebit=203.4 · interest=170.5
EBITDA / interest1.84xEBITDA ÷ interest expenseebitda=313.0 · interest=170.5
FCF / debt11.0%Free cash flow ÷ total debtfcf=190.5 · debt=1735.6
Debt service coverage1.65x(EBITDA − capex − taxes) ÷ (interest + mandatory amortization)ebitda=313.0 · capex=28.2 · taxes=3.79 · interest=170.5 · amort=0.00
Cash conversion91.0%(EBITDA − capex) ÷ EBITDAebitda=313.0 · capex=28.2
Liquidity ratio2.72x(Cash + undrawn revolver) ÷ (debt due next period + amortization + interest)liquidity=464.0 · stObl=170.5
Current ratio1.76xCurrent assets ÷ (current liabilities ex-debt + debt due next period)currentAssets=1262.3 · curLiab=716.8
Short-term debt / liquidity0.00xDebt due next period ÷ (cash + undrawn revolver)std=0.00 · liquidity=464.0

Credit scorecard — deterministic, auditable

Score 59.4 / 100 · Elevated
FactorMeasureValueBestWorstPointsMaxProj. baseProj. downsideProj. severe
LeverageNet debt / LTM EBITDA4.06278.8159.66.30.0
CoverageLTM EBITDA / interest expense1.84513.1153.52.20.4
LiquidityCash + undrawn revolver vs next-period obligations2.7220.510.01010.010.010.0
Free cash flowLTM FCF / total debt0.110.12-0.029.3106.63.70.1
Maturity riskShare of debt maturing within 3 periods0.2400.55.2105.25.25.2
Margin stabilityStd-dev of annual EBITDA margin0.030.010.055.1105.15.15.1
Revenue stabilityStd-dev of annual revenue growth0.030.030.157.987.97.97.9
Asset coverageAsset base / total debt1.4120.67.0127.07.07.0
Industry riskSector factor (config.ts)0.30103.0103.03.03.0
Total59.410057.850.338.7

Why did the score change?

FY2025A (10-K, 2025-12-31) → LTM Jun-26: 64.8 → 59.4

  • ▼ Net leverage increased from 3.1x to 4.1x (-2.9 pts, negative)
  • ▼ Interest coverage fell from 2.4x to 1.8x (-2.1 pts, negative)
  • • Liquidity ratio broadly stable at 2.7x
  • ▼ FCF / debt fell from 15.3% to 11.0% (-0.7 pts, negative)
  • • Near-term maturity share unchanged at 24%
  • • Margin volatility unchanged at 3.0 pts
  • • Revenue volatility unchanged at 3.1 pts
  • ▲ Asset coverage increased from 1.38x to 1.41x (+0.3 pts, positive)
  • • Industry risk factor unchanged at 0.30

Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.

Covenant analysis

Base CaseDownsideSevere Downside

Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.

Base Case: no breachDownside: 11 failed tests; first breach LTM Jun-28ESevere Downside: 13 failed tests; first breach LTM Jun-27E
Hypothetical maintenance covenant: max net leverage (AOI basis) UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
LTM Jun-27ELTM Jun-28ELTM Jun-29ELTM Jun-30ELTM Jun-31E
Current metric3.81x3.57x3.37x3.11x2.86x
Covenant≤ 5.25x≤ 5.25x≤ 5.00x≤ 5.00x≤ 5.00x
Headroom1.44x (27%)1.68x (32%)1.63x (33%)1.89x (38%)2.14x (43%)
StatusPASSPASSPASSPASSPASS
Hypothetical maintenance covenant: min interest coverage (AOI / interest) UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
LTM Jun-27ELTM Jun-28ELTM Jun-29ELTM Jun-30ELTM Jun-31E
Current metric1.93x1.85x1.76x1.90x1.81x
Covenant≥ 1.40x≥ 1.40x≥ 1.40x≥ 1.50x≥ 1.50x
Headroom0.53x (38%)0.45x (32%)0.36x (26%)0.40x (27%)0.31x (21%)
StatusPASSPASSPASSPASSPASS
Hypothetical maintenance covenant: min liquidity ($M) UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption
LTM Jun-27ELTM Jun-28ELTM Jun-29ELTM Jun-30ELTM Jun-31E
Current metric$590M$706M$391M$499M$599M
Covenant≥ $200M≥ $200M≥ $200M≥ $200M≥ $200M
Headroom$390M (195%)$506M (253%)$191M (95%)$299M (150%)$399M (200%)
StatusPASSPASSPASSPASSPASS

Disclosed covenants shown for reference (not tested)

CovenantReportedThresholdNote
Credit agreement: max total net leverage (5.75x to 3/31/26, then 5.50x) — TERMINATED 2026-05-124.41x reported at 2025-12-31≤ 5.50xDefined on the credit-agreement basis (4.41x reported at FY2025). Applied only while the Term Loan A / revolver existed.
Credit agreement: min interest coverage (1.50x; 1.75x from 12/31/28) — TERMINATED 2026-05-122.01x reported at 2025-12-31≥ 1.50xReported 2.01x at FY2025.

Projected credit metrics by scenario

ANALYST PROJECTION
ScenarioMetricLTM Jun-27ELTM Jun-28ELTM Jun-29ELTM Jun-30ELTM Jun-31E
Base CaseNet debt / EBITDA3.8x3.6x3.4x3.1x2.9x
EBITDA / cash interest1.9x1.8x1.8x1.9x1.8x
DSCR1.7x1.6x1.5x1.6x1.6x
Liquidity ($M)$590M$706M$391M$499M$599M
DownsideNet debt / EBITDA4.9x5.7x6.3x6.9x7.3x
EBITDA / cash interest1.6x1.4x1.2x1.2x1.2x
DSCR1.4x1.2x1.1x1.1x1.0x
Liquidity ($M)$519M$540M$120M$123M$119M
Severe DownsideNet debt / EBITDA7.5x10.8x13.7x15.7x17.6x
EBITDA / cash interest1.1x0.8x0.7x0.7x0.6x
DSCR1.0x0.7x0.6x0.6x0.5x
Liquidity ($M)$432M$359M$0M$0M$0M

Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.

Sources & data lineage (4)
SourceDocumentData typePeriodAccessionDoc dateRetrievedClass
SEC EDGARAMC Networks Inc. (now AMC Global Media Inc.) — Form 10-K, period ended 2025-12-31Annual report2025-12-310001514991-26-0000112026-02-112026-10-07PUBLIC FILING
SEC EDGARAMC Networks Inc. — Form 10-K, period ended 2024-12-31Annual report2024-12-310001514991-25-0000092025-02-142026-10-07PUBLIC FILING
SEC EDGARAMC Global Media Inc. — Form 10-Q, period ended 2026-06-30Quarterly report2026-06-300001514991-26-0000892026-07-302026-10-07PUBLIC FILING
FRED (Federal Reserve Bank of St. Louis)SOFR — Secured Overnight Financing Rate (3.90% on 2026-10-06)Macro rate——2026-10-062026-10-07PUBLIC FILING