Cinemark buys $94.1 million 8½% notes in tender

New York, April 2 - Cinemark USA, Inc. said it purchased the $94.1 million principal amount of its $105 million 8½% series B senior subordinated notes due 2008 tendered by the consent deadline of 5 p.m. ET on March 25.

Holders will receive 104.5% of par plus accrued interest.

As a result of the purchase, the amendments to the note indenture have become effective.

Meanwhile the tender offer continues until 5 p.m. ET on April 13.

Cinemark USA said on March 16 it had begun a tender offer for any and all its $105 million 8½% series B senior subordinated notes.

The Plano, Texas, movie theater operator was also soliciting consents to amend the note indenture.

The tender offer is being made in connection with the recapitalization of Cinemark USA's parent Cinemark Inc.

Holders who tender after the consent date but before the expiration date of 5 p.m. ET on April 13 will receive 101.5% of par plus accrued interest.

The offer is conditional on the recapitalization being completed.

Neither offer depends on obtaining the consent of a majority of noteholders.

Lehman Brothers Inc. (212 528-7581 or 800 438-3242, attention: Liability Management Group) is the dealer manager. D.F. King & Co. Inc. (888 567-1626) is the information agent and tender agent.

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