Moody's rates Regal notes B1

Moody's Investors Service said it assigned a rating of B1 (LGD5, 80%) to Regal Cinemas Corp.'s $300 million 10-year senior unsecured notes.

The outlook was changed to negative from stable.

The issuer is an indirect wholly owned subsidiary of Regal Entertainment Group.

Proceeds will be used to repay a portion of Regal Cinemas' $1.7 billion senior secured term loan due Oct. 27, 2013 and to pay related fees and expenses, and has the impact of modestly extending Regal's weighted average term-to-maturity.

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