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APEs sink toward new low after AMC discloses deal for sale of up to $1.4 billion worth of shares

Shares of AMC Preferred Equity Units , known as “APEs,” dropped 7.8% toward a new low in morning trading Monday, after AMC Entertainment Holdings Inc. disclosed a distribution agreement to sell up to 425.0 million APEs. At current prices, the movie theater chain could raise up to about $1.4 billion from the sale of more APEs. AMC said it plans to use the proceeds “to repay, refinance, redeem or repurchase” existing debt, and also possibly for general corporate purposes. AMC’s stock slumped 3.5%

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