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Private equity firm Silver Lake, the theater chain’s second-largest holder, converted the debt into 44.4 million AMC shares and sold them all on January 27.
Angela Weiss / AFP / Getty Images
AMC Entertainment Holdings
Silver Lake’s second-largest holder has sold its entire stake in the theater chain for $ 713 million.
Barron’s reported that private equity firm Silver Lake converted AMC debt (ticker: AMC) into stock earlier this week. In a form Silver Lake filed with the Securities and Exchange Commission on Friday, the company noted that it had sold the resulting 44.4 million shares all on January 27 at an average price of $ 16.05 each.
In late 2020, Silver Lake’s AMC convertible bonds gave it a 21.3% ownership stake in the company’s publicly traded common stock. Silver Lake’s voting rights were much smaller, as China-based Wanda America Entertainment owned 51.8 million supervisory Class B shares at the time. The class B shares each have three votes, while the class A common shares each have one vote. Wanda America at the time owned 58.8% of AMC’s voting rights.
Silver Lake did not immediately respond to a request for comment on the stock sale.
AMC shares are up 525.5% so far this year amid a market-wide short squeeze.
Inside Scoop is a regular part of Barron and deals with share transactions by company executives and board members – so-called insiders – as well as major shareholders, politicians and other prominent figures. Due to their insider status, these investors are required to disclose stock transactions with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BuienRadarNL.