Regal Cinemas plans $1.335 billion amended, restated credit facility

By Sara Rosenberg

New York, May 5 - Regal Cinemas Corp. is planning a $1.335 billion amended and restated senior credit facility, according to an S-3ASR filed with the Securities and Exchange Commission on Wednesday.

Credit Suisse, Barclays, Bank of America and Deutsche Bank are the lead banks on the deal, with Credit Suisse the left lead.

The facility consists of a $1.25 billion 61/2-year term loan and an $85 million five-year revolver.

There is a $200 million accordion feature.

Financial covenants include a maximum adjusted consolidated leverage ratio, a maximum consolidated leverage ratio and a minimum interest coverage ratio.

Proceeds from the facility, along with $250 million of 8.625% senior notes, will be used to refinance existing bank debt, to repurchase all of the company's outstanding 9.375% senior subordinated notes due 2012 and for general corporate purposes, which may include the repayment or repurchase of other debt.

The notes offering and the credit facility are expected to close on May 17.

Regal Cinemas is a subsidiary of Regal Entertainment Group, a Knoxville, Tenn.-based motion picture exhibitor.

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