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SEC Filings

10-K
CINEMARK HOLDINGS, INC. filed this Form 10-K on 02/27/2015
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Table of Contents

Financing Activities

Cash provided by (used for) financing activities was $63.4 million, $(76.2) million and $(146.8) million during the years ended December 31, 2012, 2013 and 2014, respectively. See Note 4 to the consolidated financial statements for a summary of dividends declared and paid during the years ended December 31, 2012, 2013 and 2014. Cash provided by financing activities for the year ended December 31, 2012 includes proceeds of $700.0 million from the amended senior secured credit facility and proceeds of $400.0 million from the issuance of Cinemark USA, Inc.’s 5.125% Senior Notes. A majority of these proceeds were used to pay off the remaining $899.0 million term loan outstanding under the former senior secured credit facility. Cash used for financing activities for the year ended December 31, 2013 included proceeds from the issuance of Cinemark USA, Inc.’s 4.875% Senior Notes, partially offset by the redemption of Cinemark USA, Inc.’s 8.625% Senior Notes. See below for further information regarding these transactions.

We, at the discretion of the board of directors and subject to applicable law, anticipate paying regular quarterly dividends on our common stock. The amount, if any, of the dividends to be paid in the future will depend upon our then available cash, anticipated cash needs, overall financial condition, loan agreement restrictions as discussed below, future prospects for earnings and cash flows, as well as other relevant factors.

We may from time to time, subject to compliance with our debt instruments, purchase our debt securities on the open market depending upon the availability and prices of such securities. Long-term debt consisted of the following as of December 31, 2013 and 2014 (in millions):

 

     As of      As of  
     December 31, 2013      December 31, 2014  

Cinemark USA, Inc. term loan

   $ 693.0       $ 686.0   

Cinemark USA, Inc. 7.375% senior subordinated notes due 2021

     200.0         200.0   

Cinemark USA, Inc. 5.125% senior notes due 2022

     400.0         400.0   

Cinemark USA, Inc. 4.875% senior notes due 2023

     530.0         530.0   

Other

     9.8         7.0   
  

 

 

    

 

 

 

Total long-term debt

   $ 1,832.8       $ 1,823.0   

Less current portion

     9.9         8.4   
  

 

 

    

 

 

 

Long-term debt, less current portion

   $ 1,822.9       $ 1,814.6   
  

 

 

    

 

 

 

As of December 31, 2014, we had $100.0 million in available borrowing capacity on our revolving credit line.

As of December 31, 2014, our long-term debt obligations, scheduled interest payments on long-term debt, future minimum lease obligations under non-cancelable operating and capital leases, scheduled interest payments under capital leases and other obligations for each period indicated are summarized as follows:

 

     Payments Due by Period (in millions)  

Contractual Obligations

   Total      Less Than
One Year
     1 - 3 Years      3 -5 Years      After 5 Years  

Long-term debt

   $ 1,823.0       $ 8.4       $ 16.8       $ 667.8       $ 1,130.0   

Scheduled interest payments on long-term debt(1)

   $ 589.3         88.8         166.7         163.3         170.5   

Operating lease obligations

   $ 1,814.3         256.2         474.3         358.7         725.1   

Capital lease obligations

   $ 218.5         16.5         36.2         41.6         124.2   

Scheduled interest payments on capital leases

   $ 101.1         16.7         28.6         21.8         34.0   

Purchase and other commitments(2)

   $ 177.3         137.4         36.3         2.3         1.3   

Current liability for uncertain tax positions(3)

   $ 7.3         7.3         —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total obligations

   $ 4,730.8       $ 531.3       $ 758.9       $ 1,255.5       $ 2,185.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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