AMC Networks eyes record decline on planned convertible debt deal
Updates stock activity, adds price talk, changes headline
** Shares of AMC Networks AMCX.O tumble 28.1% to $11.30 early Mon as co plans capital raise
** AMCX on track for record daily pct drop, hits lowest level since early May
** Cable television and film entertainment co early Mon announced private offering of $125 mln convertible bonds (CBs) due 2029
** It intends to use net proceeds for general purposes, including debt repayment
** Jt bookrunners BofA, JPM and Citi marketing CBs with 3.75%-4.25% coupon, 22.5%-27.5% convertible premium, according to IFR
** Co has about $500 mln current market cap, per LSEG data
** With move on the session, AMCX down ~40% YTD vs Nasdaq's .IXIC ~18% advance
** Half of 8 analysts covering the stock rate it "hold", rest "sell" with $12 median PT
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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