Regal to launch $150 million incremental loan, repricing on Wednesday

By Sara Rosenberg

New York, May 9 – Regal Cinemas Corp. is set to hold a lender call at 10:30 a.m. ET on Wednesday to launch a $150 million incremental first-lien term loan due April 2022 and a repricing of its existing $954 million covenant-light first-lien term loan due April 2022, according to a market source.

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

The incremental and repriced term loans are talked with a 0.75% Libor floor, a par issue price and 101 soft call protection for six months, the source said.

Spread talk on the debt is not yet available.

Proceeds from the incremental term loan will be used for general corporate purposes, and the repricing will revise pricing on the existing term loan from Libor plus 250 bps with a 0.75% Libor floor.

Expected term loan ratings are Ba1/BB, the source added.

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

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