尽管剧院重新开业,AMC债券仍在下跌

2020-10-23 08:05

AMC Bonds Fall Despite Theater Reopenings A3T世界播

尽管剧院重新开业,AMC债券仍在下跌A3T世界播


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Movie-theater operators are facing financial strain as pandemic-related capacity restrictions and a lack of high-profile movies leave theaters mostly empty. A3T世界播

电影院运营商正面临着财务压力,因为与流行病相关的容量限制和缺乏高知名度的电影导致影院大多空无一人A3T世界播


Investors are dumping bonds tied to the world’s biggest movie theater chain, betting that attendance will remain low despite venues reopening in major markets. A3T世界播

投资者正在抛售与世界上最大的连锁影院相关的债券,押注尽管主要市场的场馆重新开放,但上座率仍将保持在低位。A3T世界播


The price on AMC Entertainment Holdings Inc.’s $1.4 billion bond due June 2026 dropped below 10 cents on the dollar this week, according to MarketAxess, implying creditors believe they aren’t very likely to get paid back. The company’s $500 million bond due April 2025 was quoted around 60.5 cents on the dollar Thursday, down from 91 cents in early September. A3T世界播

根据MarketAxess的数据,AMC娱乐控股公司(AMC Entertainment Holdings Inc.)2026年6月到期的14亿美元债券的价格本周跌至面值的10%以下,这意味着债权人认为他们不太可能得到偿还。该公司2025年4月到期的5亿美元债券周四报价约为面值的60.5%,低于9月初的91%。A3T世界播


The declines contrast with the early-week bounce in AMC’s stock. Shares rose more than 16% on Monday following the company’s announcement that it would open a dozen locations in New York state at 25% capacity. A day later, the company said it would sell $50 million in shares to bolster its balance sheet. Shares have since retreated, but rose 4% Thursday to $3.12. A3T世界播

这些下跌与AMC股价本周初的反弹形成了鲜明对比。在该公司宣布将以25%的运力在纽约州开设十几家门店后,该公司股价周一上涨逾16%。一天后,该公司表示将出售5000万美元的股票,以增强其资产负债表。此后股价有所回落,但周四上涨4%,至3.12美元。A3T世界播


But bond investors, who typically focus on a borrower’s ability to pay their bills and interest payments, remain pessimistic. Analysts say the company is burning more than $100 million a month, and that this week’s capital raise does little to change that. Without new attractions to wrangle moviegoers from their couches, Matt Zloto, an analyst at CreditSights, says AMC is in danger of running out of cash by early next year. A3T世界播

但债券投资者仍持悲观态度,他们通常关注借款人支付账单和支付利息的能力。分析人士说,该公司每月消耗超过1亿美元,而本周的融资对改变这一点几乎没有什么作用。CreditSights的分析师马特·兹洛托(Matt Zloto)表示,如果没有新的吸引力将观众从沙发上吵起来,AMC到明年初就有现金耗尽的危险。A3T世界播


“When you look at the theatrical slate, it’s just going to be difficult to get people into theaters,” he said. “And when theaters are open, there are fixed costs no matter how many people come in the door, from people checking tickets to cleaning theaters.” A3T世界播

他说:“当你看一看剧场名单时,你会发现很难让人们进入影院。”“而且当剧院开放时,无论有多少人进来,从人们检票到打扫剧院,都有固定的成本。”A3T世界播


A spokesman for AMC didn’t return requests for comment. The company has warned investors in recent filings that it could run out of cash by early 2021. A3T世界播

AMC发言人没有回复记者的置评请求。该公司在最近提交的文件中警告投资者,到2021年初,它可能会耗尽现金。A3T世界播


These barriers have taken a toll on the debt prices of AMC’s competitors as well. Bonds tied to Cinemark Holdings Inc., which runs more than 300 theaters across America, also have dropped in recent months. The company’s $755 million note due June 2023 was quoted at 84.75 cents on the dollar as of Wednesday, down from 94.25 cents in early September. A3T世界播

这些障碍也对AMC的竞争对手的债务价格造成了影响。与Cinemark Holdings Inc.相关的债券近几个月也有所下降。Cinemark Holdings Inc.在全美经营着300多家影院。截至周三,该公司2023年6月到期的7.55亿美元票据报价为面值的84.75%,低于9月初的94.25%。A3T世界播


Movie-theater operators across the country are facing a serious financial strain as pandemic-related capacity restrictions and a lack of high-profile movies leave theaters mostly empty. Hollywood studios delayed many of this year’s big blockbusters films—including “Dune” and a new James Bond movie—after Warner Bros.’ “Tenet” struggled at the U.S. box office without access to major markets such as New York City and Los Angeles. A3T世界播

全国各地的影院运营商都面临着严重的财务压力,因为与流行病相关的容量限制和缺乏高知名度的电影导致影院大多空无一人。继华纳兄弟之后,好莱坞制片厂推迟了今年的许多大片,包括“沙丘”和一部新的詹姆斯·邦德(James Bond)电影。由于没有进入纽约市和洛杉矶等主要市场,《Tenet》在美国票房上举步维艰。A3T世界播


Studios are hesitant to release films without those big markets, fearing low ticket sales. But postponing releases raises the risk of permanent closure for many of the theaters the studios rely on. Earlier this month, Cineworld Group PLC’s Regal Entertainment Group suspended operations at U.S. theaters, walking back an initial August reopening, citing an absence of film releases and restrictions in states such as California and New York. A3T世界播

制片厂担心票房收入低,在没有这些大市场的情况下,对发行电影犹豫不决。但推迟上映增加了制片厂所依赖的许多影院永久关闭的风险。本月早些时候,Cineworld Group PLC旗下的富豪娱乐集团(Regal Entertainment Group)暂停了美国影院的运营,收回了最初在8月重新开放的计划,理由是加州和纽约州等州没有电影上映和限制。A3T世界播


Some analysts believe the U.S. movie-theater industry was facing challenges even before the pandemic, after cheap credit fueled a multidecade construction boom, leaving the market inundated with hundreds of new screens. AMC entered the pandemic with $4.9 billion in debt, according to company filings, the largest amount among theater chains. A3T世界播

一些分析师认为,美国电影院行业甚至在大流行之前就面临挑战,此前廉价信贷推动了数十年的建设热潮,导致市场充斥着数百块新银幕。根据公司备案文件,AMC进入大流行时负债49亿美元,是连锁影院中债务最多的。A3T世界播


Elsewhere in debt markets, yields on long-term U.S. government bonds headed higher for a fifth consecutive session after Labor Department data showed the number of Americans who filed for unemployment benefits this month fell to the lowest levels since March, a sign of improvement for the U.S. economy. A3T世界播

在债券市场的其他方面,美国长期政府债券收益率连续第五个交易日走高,此前劳工部数据显示,本月申请失业救济金的美国人数量降至3月份以来的最低水平,这是美国经济改善的迹象。A3T世界播


The yield on the benchmark 10-year Treasury rose to 0.847% Thursday, according to Tradeweb, from 0.815% at Wednesday’s close. Yields rise when bond prices fall. A3T世界播

根据tradeweb的数据,基准10年期美国国债收益率周四升至0.847%,周三收盘时为0.815%。当债券价格下跌时,收益率就会上升。A3T世界播


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As movie theaters sit empty during the coronavirus pandemic, some films are being released direct to streaming services and digital platforms, shaking up a distribution model that's been in place for decades. WSJ explains. (Originally published May 6, 2020) A3T世界播

由于在冠状病毒大流行期间电影院空无一人,一些电影正被直接发布到流媒体服务和数字平台,动摇了几十年来的发行模式。“华尔街日报”解释说。(原发表于2020年5月6日)A3T世界播

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