Cinemark watching for opportunities to repurchase debt

By Jennifer Lanning Drey

Portland, Ore., Jan. 15 - Cinemark Holdings, Inc. continues to monitor the open market for opportunities to use cash to repurchase its debt at a discount, Robert Copple, chief financial officer of Cinemark, said during a Thursday presentation at the ICR XChange Conference in Dana Point, Calif.

"We're being very conservative. We could do a lot of things with this cash right now, but we feel like there's still questions on the economy and we're going to be very safe in what we do," Copple said.

Cinemark's free cash flow has been consistently increasing since 2004. The company had $371 million of cash at the end of the third quarter.

The company's net-debt-to-adjusted EBITDA ratio was 3.5 times at Sept. 30.

As previously reported, Cinemark repurchased roughly $30 million principal amount at maturity of its 9¾% senior discount notes through seven open-market purchases in October.

Cinemark is a motion picture exhibitor based in Plano, Texas.

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