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Long-term Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-term Debt | Long-term Debt The Company's long-term debt consists of:
(In thousands) | June 30, 2025 |  | December 31, 2024
Senior Secured Credit Facility: (a) |  |  |
Term Loan A Facility | $ | 329,375 |  |  | $ | 365,625 |
Senior Notes: |  |  |
10.25% Senior Secured Notes due January 2029 | 875,000 |  |  | 875,000 |
4.25% Senior Notes due February 2029 | 885,866 |  |  | 985,010 |
4.25% Convertible Senior Notes due February 2029 | 143,750 |  |  | 143,750 |
Total long-term debt | 2,233,991 |  |  | 2,369,385 |
Unamortized discount | (21,325) |  |  | (25,014) |
Unamortized deferred financing costs | (7,344) |  |  | (8,152) |
Long-term debt, net | 2,205,322 |  |  | 2,336,219 |
Current portion of long-term debt | 77,500 |  |  | 7,500 |
Noncurrent portion of long-term debt | $ | 2,127,822 |  |  | $ | 2,328,719 |
(a)Represents the aggregate principal amount of the debt, with the Term Loan A (non-extended) of $70.0 million maturing in February 2026, the Term Loan A (extended) of $259.4 million maturing in April 2028, and commitments under our undrawn $175.0 million revolving credit facility terminating in April 2028. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company. Senior Secured Credit Facility During 2025, the Company voluntarily prepaid the remaining $90.0 million of borrowings under the Term Loan A Facility (non-extended), $20.0 million of which was paid in May 2025 and the remaining $70.0 million of which was paid in July 2025 with the proceeds from the issuance of the 2032 Secured Notes offering described below. During the six months ended June 30, 2025, the Company also continued to make quarterly payments of the principal amount of the Term Loan A Facility (extended) totaling $16.3 million. AMC Networks' credit agreement (as amended, the "Credit Agreement") generally requires AMC Networks Inc. and its restricted subsidiaries on a consolidated basis to comply with a maximum total net leverage ratio of 5.75:1.00 from April 9, 2024 through March 31, 2026, after which the maximum total net leverage ratio changes to 5.50:1.00. In addition, the Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for AMC Networks Inc. and its restricted subsidiaries on a consolidated basis through September 30, 2026, after which the minimum interest coverage ratio changes to 2.25:1.00. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and accuracy of representations and warranties. AMC Networks was in compliance with all of its financial covenants under the Credit Agreement as of June 30, 2025. 4.25% Senior Notes due 2029 During the second quarter of 2025, the Company repurchased $99.1 million principal amount of its 4.25% Senior Notes due February 2029 (the "Senior Notes") through open market repurchases, at a discount of $26.7 million, and retired the repurchased notes. The discount, net of a $0.9 million write-off of unamortized discount and deferred financing costs associated with the Senior Notes, was recognized as a gain on extinguishment of debt in the condensed consolidated statements of income (loss) during the second quarter of 2025. Utilizing proceeds from the July 3, 2025 offering of 2032 Secured Notes described below, the Company completed a cash tender offer on July 17, 2025 to purchase an additional $600.0 million of Senior Notes at a discount of $111.0 million. The discount, net of a $5.2 million write-off of unamortized discount and deferred financing costs associated with the Senior Notes, will be recognized as a gain on extinguishment of debt in the condensed consolidated statements of income (loss) during the third quarter of 2025. 2032 Secured Notes Offering On July 3, 2025, AMC Networks completed an offering of $400 million aggregate principal amount of its 10.500% Senior Secured Notes due 2032 (the “2032 Secured Notes”). AMC Networks received net proceeds of $394.5 million, after deducting initial purchaser discounts. The 2032 Secured Notes are guaranteed by AMC Network Entertainment and AMC Networks' subsidiaries that guarantee the Credit Agreement (the "Guarantors"). The 2032 Secured Notes were issued pursuant to an Indenture, dated as of July 3, 2025 (the “2032 Secured Notes Indenture”), among AMC Networks, the Guarantors and U.S. Bank Trust Company, National Association, as Trustee. The 2032 Secured Notes accrue interest at a rate of 10.500% per annum and mature on July 15, 2032. Interest is payable semiannually on January 15 and July 15 of each year, commencing on January 15, 2026. The 2032 Secured Notes are AMC Networks’ general senior secured obligations, secured on a first-priority basis by substantially all of AMC Networks’ and the Guarantors’ assets and property (the “Collateral”), subject to certain liens permitted under the 2032 Secured Notes Indenture, and will rank equally with all of AMC Networks’ existing and future senior indebtedness, senior in right of payment to AMC Networks’ future subordinated indebtedness and effectively senior to any of AMC Networks’ existing and future unsecured indebtedness or indebtedness that is secured by a lien ranking junior to the lien securing the 2032 Secured Notes, in each case, to the extent of the value of the Collateral. On or after July 15, 2028, AMC Networks may redeem the 2032 Secured Notes, at its option, in whole or in part, at any time and from time to time, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest thereon, to the applicable redemption date, if redeemed during the twelve month period beginning on July 15 of the years indicated below:
Year |  |  | Percentage
2028 |  |  | 105.250%
2029 |  |  | 102.625%
2030 and thereafter |  |  | 100.000%
In addition to the optional redemption of the 2032 Secured Notes described above, at any time prior to July 15, 2028, AMC Networks may redeem up to 40% of the aggregate principal amount of the 2032 Secured Notes at a redemption price equal to 110.500% of the principal amount thereof, plus accrued and unpaid interest and additional interest, if any, using the net proceeds of certain equity offerings. At any time prior to July 15, 2028, AMC Networks may also redeem up to 10% of the aggregate principal amount of the 2032 Secured Notes during any twelve month period at a redemption price equal to 103.000% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon to, but excluding, the redemption date. Finally, at any time prior to July 15, 2028, AMC Networks may redeem the 2032 Secured Notes, at its option in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount thereof to be redeemed plus the “Applicable Premium” calculated as described in the 2032 Secured Notes Indenture at the Treasury rate + 50 basis points, and accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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