Regal Cinemas launches $956 million first-lien term loan to lenders

By Sara Rosenberg

New York, Nov. 14 – Regal Cinemas Corp. was scheduled to hold a lender call at 1 p.m. ET on Monday to launch a $956 million covenant-light first-lien term loan (Ba1/BB) due April 2022, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The term loan is talked at Libor plus 250 basis points with a 0.75% Libor floor and a par issue price, the source said.

Included in the term loan is 101 soft call protection for six months.

Proceeds will be used to reprice an existing term loan from Libor plus 275 bps with a 0.75% Libor floor.

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

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

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