AMC Networks Seeks Consent to Allow $50M Buybacks on $400M 10.50% Notes
AMC Networks is soliciting consents from holders of its 10.50% Senior Secured Notes due 2032 to amend covenants, permitting up to $50,000,000 in equity buybacks and tightening trademark and unrestricted subsidiary investment clauses. The company will pay a $2,000,000 aggregate fee, equivalent to $5–$10 per $1,000 principal, for valid consents.
1. Consent Solicitation Overview
AMC Networks opened a consent solicitation on February 12, 2026, aiming to secure majority approval from holders of its $400 million aggregate principal amount of 10.50% senior secured notes due 2032. The solicitation closes at 5:00 p.m. New York City time on February 23, 2026.
2. Proposed Covenant Amendments
The proposed amendments would raise the restricted payments covenant to permit up to $50,000,000 in equity buybacks, limit trademark transfers to non-exclusive licenses, and restrict certain investments in unrestricted subsidiaries to specified Permitted Investments clauses.
3. Consent Fee and Requirements
Holders delivering valid consents by the February 23 deadline will share a $2,000,000 aggregate consent fee, translating to approximately $5 to $10 per $1,000 principal amount, depending on the total consents received and the attainment of requisite conditions.