Silver Lake converts AMC shares before stock sinks
January 29, 2021- Share:
Silver Lake has opted to turn $600 million worth of convertible debt notes into equity shares in AMC Theatres, cashing in on the meteoric rise of the movie theater operator's shares in recent days as part of the broader boom in so-called meme stocks. The deal comes at a conversion price of $13.51 per share and will reduce the company's debt load by 10%, The Wall Street Journal reported. AMC stock plummeted nearly 57% in Thursday trading after the announcement, closing the day at $8.63.
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