AMC Entertainment Holdings, a U.S.-based movie theater company, has raised or signed commitment letters to receive $917 million of new equity and debt capital in the last month.

Of the $917 million, AMC raised $506 million of equity from the issuance of 164.7 million new common shares, along with securing $100 million of additional first-lien debt and the concurrent issuance of 22 million new common shares to convert $100 million of second lien debt into equity. In addition, the company executed commitment letters for $411 million of incremental debt capital in place through mid-2023, unless repaid before then, through the upsizing and refinancing of its European revolving credit facility. On this new European debt, AMC has the option of paying non-cash PIK interest throughout its duration. All amounts are prior to factoring in transaction costs, investment banking fees and original issue discounts.

“Today, the sun is shining on AMC. After securing more than $1 billion of cash between April and November of 2020 through equity and debt raises along with a modest amount of asset sales, we are proud to announce today that over the past six weeks AMC has raised an additional $917 million capital infusion to bolster and solidify our liquidity and financial position. This means that any talk of an imminent bankruptcy for AMC is completely off the table,” Adam Aron, CEO and president of AMC, said. “Looking ahead, for AMC to succeed over the medium term, we are going to need for much of the general public in the U.S. and abroad to be vaccinated. To that end, we are grateful to the world’s medical communities for their heroic efforts to thwart the COVID virus. Similarly, we welcome the commitment by the new Biden administration and of other governments domestically and internationally to a broad-based vaccination program.”