{"id":105885,"date":"2021-01-30T01:39:31","date_gmt":"2021-01-30T01:39:31","guid":{"rendered":"https:\/\/fin2me.com\/?p=105885"},"modified":"2021-01-30T01:39:31","modified_gmt":"2021-01-30T01:39:31","slug":"silver-lake-cashes-out-on-amc-for-713-million-after-reddit-fueled-rally","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/silver-lake-cashes-out-on-amc-for-713-million-after-reddit-fueled-rally\/","title":{"rendered":"Silver Lake cashes out on AMC for $713 million after Reddit-fueled rally"},"content":{"rendered":"
FILE PHOTO: A man walks past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, U.S., January 27, 2021. REUTERS\/Carlo Allegri\/File Photo<\/figcaption>

(Reuters) – Buyout firm Silver Lake disclosed on Friday that it sold its stake in AMC Entertainment Holdings for $713 million this week, capitalizing on a 10-fold rise in the price of the shares as traders organizing on social media platforms such as Reddit snapped them up.<\/p>\n

The trade puts Silver Lake and its co-investors in the black following a $600 million convertible bond investment that the private equity firm made in AMC in 2018. Such an outcome looked unlikely when AMC, the world\u2019s largest movie theater chain, was battling to stave off bankruptcy last summer, a move it avoided thanks to a debt restructuring deal with Silver Lake and its creditors.<\/p>\n

Silver Lake was able to convert the bonds into shares thanks to the rally pushing AMC\u2019s stock above the bonds\u2019 conversion price this week.<\/p>\n

AMC shares had dropped 70% in 2020 to close the year at $2.12, as many of the company\u2019s movie theaters closed or operated with reduced capacity during the COVID-19 pandemic.<\/p>\n

But the shares ended trading at $19.90 on Wednesday, as traders targeted heavily shorted stocks such as AMC and GameStop Corp. Silver Lake sold its stake over several open-market transactions that day, according to regulatory filings.<\/p>\n

The sale makes Silver Lake the latest investment firm to cash in on this week\u2019s unprecedented rally in shorted stocks. Ontario Teachers\u2019 Pension Plan sold $497.4 million worth of stock it owned in U.S. shopping mall owner Macerich Co this week, regulatory filings showed.<\/p>\n

AMC itself also capitalized on the rally. It raised $304.8 million by selling shares this week. It is considering new moves to raise capital through stock sales, sources told Reuters on Thursday.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: A man walks past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, […]<\/p>\n","protected":false},"author":3,"featured_media":105884,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nSilver Lake cashes out on AMC for $713 million after Reddit-fueled rally - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/silver-lake-cashes-out-on-amc-for-713-million-after-reddit-fueled-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver Lake cashes out on AMC for $713 million after Reddit-fueled rally - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: A man walks past an AMC theatre amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/silver-lake-cashes-out-on-amc-for-713-million-after-reddit-fueled-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-30T01:39:31+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/01\/cnewsfotor5-4.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/silver-lake-cashes-out-on-amc-for-713-million-after-reddit-fueled-rally\/\",\"url\":\"https:\/\/fin2me.com\/business\/silver-lake-cashes-out-on-amc-for-713-million-after-reddit-fueled-rally\/\",\"name\":\"Silver Lake cashes out on AMC for $713 million after Reddit-fueled rally - 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