Regal Cinemas holds conference call to reprice term loan

By Sara Rosenberg

New York, Nov. 16 - Regal Cinemas Corp. was scheduled to hold a conference call at 1 p.m. ET on Tuesday to propose a repricing of its term loan that would lower the interest rate to Libor plus 200 basis points with a step down to Libor plus 175 basis points, according to a market source.

This is the second repricing since the term loan was first obtained in May of this year. In July, the company repriced the tranche to Libor plus 225 basis points with a stepdown to Libor plus 200 basis points if consolidated leverage is equal to or less than 3.0. Prior to the July repricing, grid pricing had the term loan at Libor plus 275 basis points with a step down to Libor plus 250 basis points.

When the term loan was first entered into, it was sized at $1.65 billion. However, as of Sept. 30, the company had about $1.59 billion outstanding under the tranche.

Credit Suisse First Boston is the lead bank on the Centennial, Colo.-based theater operator's deal.

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