Fitch gives Regal notes B+

Fitch Ratings said it has assigned a B+/RR4 rating to Regal Cinemas Corp.'s $400 million of 8.625% senior unsecured notes.

These notes are expected to rank senior to Regal Cinemas' existing 9.375% senior subordinated notes and junior to the secured bank facility, the agency said.

In addition, the $400 million in notes are structurally senior to the company's 6.25% convertible notes, Fitch added, noting that proceeds of the notes are expected to be used to repay borrowings under the Regal Cinemas' bank term loan due 2013.

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