Cinemark USA solicits tenders, consents for 9% notes due 2013

By Laura Lutz

Washington, March 6 - Cinemark USA, Inc. launched a tender offer and consent solicitation for all of its $332.25 million outstanding principal amount of 9% senior subordinated notes due 2013.

The company is soliciting consents to amend the note indenture to eliminate substantially all restrictive covenants and some event-of-default provisions.

The payout for each $1,000 principal amount of notes will be 50 basis points over the yield to the first call dates of the notes, which will be determined based on the bid-side yield of the 4 5/8% U.S. Treasury due Feb. 29, 2008.

The total consideration includes a consent payment of $30 for each $1,000 principal amount of notes tendered before the consent deadline at midnight ET on March 19.

Holders will also receive accrued interest to but excluding the settlement date.

The tender offer will expire at midnight ET on April 2.

Settlement depends on conditions including receipt of consents from holders of a majority of notes.

Holders who tender must submit consents, and vice versa.

Lehman Brothers Inc. (800 438-3242 or collect 212 528-7581) will act as sole dealer manager and solicitation agent. D.F. King & Co. (888 628-8208 or collect 212 269-5550) is the information agent.

Cinemark is a motion picture distributor based in Plano, Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.