S&P assigns Regal Cinemas loan BB-

Standard & Poor's said it assigned its bank loan and recovery ratings to the $1.8 billion senior secured bank facility of Regal Cinemas Corp. (BB-/negative), operating subsidiary of Regal Entertainment Group (BB-/negative), following Regal Cinemas' announcement that it will be amending and restating its facility and increasing the term loan to $1.7 billion from $1.69 billion.

The agency said that the secured bank loan rating is BB- with a recovery rating of 3.

Proceeds from the facility will be used to refinance the existing senior secured bank facility and to pay fees and expenses, S&P noted, adding that the transaction will extend the maturities of the term loan and revolving credit facility.

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