AMC Entertainment shares rose 7% to $2.88 on Monday after the theater chain announced debt refinancing that would move its nearest large maturity from 2029 to 2031. The transactions include a private placement of first-lien notes (debt with priority claims), a new first-lien term loan facility, a Deutsche Bank commitment for a second-lien term loan facility, and a cash tender offer for all outstanding 7.5% senior secured notes due 2029. The tender requires aggregate gross financing proceeds of at least $3.97 billion. Proceeds would fund the offer, redeem untendered notes and a subsidiary’s 2029 notes, repay AMC’s existing term loan and repay a European subsidiary’s term loan. Settlement is expected early next month. The refinancing simplifies AMC’s capital structure and extends its debt calendar, but does not reduce the amount owed. AMC’s risk disclosures continue to identify potential in-court or out-of-court restructuring if liquidity is insufficient, as well as further equitization of debt, which would convert bondholder claims into stock and dilute existing shareholders. The market’s response will depend partly on the interest cost of the new debt. AMC shares outperformed the broader market, with the SPDR S&P 500 ETF Trust up 1.51% to $773.22, while Cinemark Holdings rose 0.9% to $35.29 and IMAX gained 2% to $53.96.