In my recent appraisal of the health of AMC Entertainment‘s (NYSE: AMC) dividend and stock, things seemed all well and good… for now. The movie theater operator’s of almost $300 million handily covers its $82.5 million annual dividend payments, and at just five times adjusted cash flow, the stock currently appears quite cheap.

The big concern, however, is the company’s extremely high debt load, which is largely the result of three acquisitions from 2016 to 2017, as well as large investments in . At the end of 2018, the company’s debt obligations surged to over $5.2 billion, including capital lease obligations.

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Fortunately, AMC just took a big step toward mitigating that risk, with a huge debt refinancing on fairly advantageous

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