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Regal Cinemas flexes $966 million term loan to Libor plus 300 bps
By Sara Rosenberg
New York, March 25 – Regal Cinemas Corp. trimmed pricing on its $966 million senior secured covenant-light term loan due in 2022 (Ba1/BB) to Libor plus 300 basis points from Libor plus 325 bps, according to a market source.
In addition, the original issue discount on the term loan was revised to 99¾ from 99 and the 101 soft call protection was shortened to six months from one year, the source said.
The term loan still has a 0.75% Libor floor and a springing maturity to Dec. 15, 2021.
Recommitments are due at 2 p.m. ET on Thursday, the source added.
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.
Proceeds will be used to refinance an existing term loan.
Regal Cinemas is a subsidiary of Regal Entertainment Group, a Knoxville, Tenn.-based motion picture exhibitor.
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