Regal Entertainment to repay 6¼% convertibles, redeem 9 3/8% notes

By Susanna Moon

Chicago, Aug. 10 - Regal Entertainment Group said it plans to repurchase or repay all of its outstanding 6¼% convertible senior notes due 2011 and to redeem all of Regal Cinemas Corp.'s outstanding 9 3/8% senior subordinated notes due 2012.

Funding for the repurchase and redemption will come from an offering of $275 million principal amount of senior notes due 2018. The deal is expected to close on Aug. 16.

Proceeds also will be used for general corporate purposes, including the redemption, repayment or repurchase of other debt.

The company said on May 17 that it postponed a $250 million add-on to its 8 5/8% senior unsecured notes due July 15, 2019 due to market conditions.

The issuer is a Knoxville, Tenn.-based motion picture exhibitor.

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