PLANO, Texas--(BUSINESS WIRE)--Mar. 29, 2018--
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 and an
extension of the maturity by approximately three years. 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 0.75% or
LIBOR plus 1.75%, 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 extremely pleased that the strength of our balance sheet and
consistency of our financial results allowed us to once again improve
the margin of our term loan and extend its maturity date by
approximately three years,” stated Sean Gamble, Cinemark’s Chief
Operating Officer and Chief Financial Officer. “This opportunistic
transaction further improves our Company’s financial position by
staggering the maturities of our debt instruments and driving meaningful
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture
exhibitor, operating 533 theatres with 5,959 screens in 41 U.S. states,
Brazil, Argentina, and 13 other Latin American countries as of December
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, 2018 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