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Cinemark launches credit facility amendment to push out maturities
By Sara Rosenberg
New York, Feb. 11 - Cinemark Holdings Inc. held a conference call on Thursday to launch an amendment to its senior secured credit facility that would extend maturities, according to a market source.
Under the amendment, the company is looking to extend the revolver maturity to March 2015, and pricing on the extended loan would be Libor plus 250 basis points, compared to Libor plus 200 bps on the non-extended debt.
In addition, the term loan would be extended to April 2016, and pricing on the extended loan would be Libor plus 275 bps, compared to Libor plus 175 bps on the non-extended, the source said.
Lenders are being offered a 10 bps consent fee.
Commitments are due Feb. 24 and the amendment is expected to be completed in early March.
Barclays is leading the amendment.
Cinemark is a Plano, Texas-based motion picture exhibitor.
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