PLANO, Texas--(BUSINESS WIRE)--
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 the repricing of the term loan under its senior secured credit 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 1.25% or LIBOR plus 2.25%, as elected by the Company in accordance with the credit agreement, representing an annual cash interest savings of 50 basis points or approximately $3.3 million per year. No other changes were made to the credit agreement.
“We remain dedicated to prudent capital planning and we are thrilled that favorable market conditions have provided us the opportunity to further reduce the rate of our term loan to one of the lowest coupons among high-yield issuers, which will generate meaningful savings for our Company,” stated Sean Gamble, Cinemark’s Chief Financial Officer.
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture exhibitor, operating 522 theatres with 5,865 screens in 41 U.S. states, Brazil, Argentina, and 13 other Latin American countries as of September 30, 2016. For more information, go to investors.cinemark.com.
Forward-looking Statements
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 24, 2016 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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