Regal Cinemas launches $966 million secured term loan to investors

By Sara Rosenberg

New York, March 17 – Regal Cinemas Corp. held a lender call at 2 p.m. ET on Tuesday to launch a $966 million senior secured covenant-light term loan due in 2022, according to a market source.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays, Morgan Stanley Senior Funding Inc. and Wells Fargo Securities LLC are the lead banks on the deal.

The loan is talked at Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 99, the source said.

Also included in the term loan is 101 soft call protection for one year and a springing maturity to Dec. 15, 2021.

Proceeds will be used to refinance an existing term loan.

Commitments are due at 5 p.m. ET on March 25, the source added.

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

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