S&P assigns Regal notes B-

Standard & Poor's said it assigned Regal Entertainment Group's proposed $275 million of senior unsecured notes due 2018 its issue-level rating of B-, two notches lower than its B+ corporate credit rating on the company.

The agency said it also assigned this debt a recovery rating of 6.

S&P noted that it expects the company to use net proceeds from these borrowings to repay or repurchase $200 million of convertible senior notes due 2011 at Regal Entertainment Group and roughly $51.5 million of senior subordinated notes due 2012 at Regal Cinemas Corp. as well as to add to cash balances.

At the same time, the agency said it affirmed its B+ corporate credit rating on the company, as well as all other existing related ratings.

The outlook is stable.

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