Cinemark amendment passes after increase to pricing on extended debt

By Sara Rosenberg

New York, Feb. 26 - Cinemark Holdings Inc.'s credit facility amendment to extend maturities was approved by lenders after a bump up in pricing was offered, according to a market source.

As was previously reported, under the revised amendment, the extended term loan due in April 2016 is priced at Libor plus 325 basis points, up from the initially proposed Libor plus 275 bps. Current pricing on the term loan is Libor plus 175 bps.

In addition, 101 soft call protection for one year was added to the extended term loan.

Also, the extended revolver due in March 2015 is priced at Libor plus 300 bps, up from the initially proposed Libor plus 250 bps. Current pricing on the revolver is Libor plus 200 bps.

Lenders were offered a 10 bps consent fee.

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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