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Leading movie show operator AMC Entertainment has wrapped a $350 million at-the-market fairness providing and diminished its debt by $62 million.

The transaction was introduced after the shut of buying and selling Monday. AMC had introduced the fairness providing in November.

AMC mentioned it raised $350 million of recent fairness capital, earlier than commissions and costs, by way of the sale of about 48 million shares, at a median value of about $7.29 per share.

Exhibitors are going through a tough stretch over the subsequent few months on account of a squeeze on the provision of studio movies. Confronting the twin strikes by writers and actors, studios pushed plenty of 2023 and early 2024 releases to later dates given manufacturing and promotion challenges. Theaters, although, rely upon occasion titles and are heading towards a January interval with solely a handful of extensive releases. Unlike previous Christmases, when franchise titles like Avatar: The Way of Water drove important field workplace, this 12 months’s late-December slate has primarily Wonka and the Aquaman sequel as viewers attracts.

“Successfully raising an additional $350 million of equity capital and reducing debt by more than $62 million in a single month underscores our continued commitment to strengthen our balance sheet by bolstering liquidity and methodically reducing debt levels,” CEO Adam Aron mentioned.

In 2023 up to now, Aron mentioned, AMC has raised $865 million of gross fairness capital. It has additionally lowered liabilities by roughly $440 million by lowering our company borrowings by about $350 million and repaying greater than $90 million of Covid-related deferred lease liabilities.

“Through methodically fortifying our financial position as we progress along our recovery trajectory, we ensure our ability to manage through industry challenges, including the ongoing impact of the Hollywood strikes earlier this year, and position AMC to thrive in the future as we deliver value to our shareholders,” Aron added.