PLANO, Texas--(BUSINESS WIRE)--Jun. 16, 2017--
Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture
exhibitors in the world, announced today that through its wholly-owned
subsidiary, Cinemark USA, Inc. (the “Company”), it has successfully
completed an amendment to its senior secured credit facility that
included a repricing of the term loan under the facility. The Company’s
credit agreement was amended to reduce the rate at which the term loan
bears interest, which will now be at either a base rate plus 1.00% or
LIBOR plus 2.00%, as elected by the Company in accordance with the
credit agreement, representing an annual cash interest savings of 25
basis points or approximately $1.7 million per year.
“We are pleased that market favorability has once again enabled us to
improve the coupon rate of our term loan, which will yield meaningful
savings for our Company,” stated Sean Gamble, Cinemark’s Chief Financial
Officer. “We also took the opportunity to modify certain definitions and
other provisions in the agreement to better reflect our current
operating environment and strategic initiatives.”
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture
exhibitor, operating 525 theatres with 5,894 screens in 41 U.S. states,
Brazil, Argentina, and 13 other Latin American countries as of March 31,
2017. For more information, go to investors.cinemark.com.
Certain matters within this press release include “forward–looking
statements” within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Forward-looking statements may involve known and
unknown risks, uncertainties and other factors that may cause the actual
results or performance to differ from those projected in the
forward-looking statements. For a description of these factors, please
review the “Risk Factors” section or other sections in the Company’s
Annual Report on Form 10-K filed February 23, 2017 and quarterly reports
on Form 10-Q, filed with the Securities and Exchange Commission. All
forward-looking statements are expressly qualified in their entirety by
such risk factors.
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Source: Cinemark Holdings, Inc.
Cinemark Holdings, Inc.
James Meredith, 972-665-1680