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Cinemark USA settles tender offer for 9% notes due 2013
By Laura Lutz
Des Moines, April 3 - Cinemark USA, Inc. settled its tender offer for its 9% senior subordinated notes due 2013, accepting tenders for about 99.94% of the notes.
The company accepted tenders and consents from holders of about 99.92% of the $332.25 million outstanding principal amount of the notes on the consent deadline at midnight ET on March 19.
An additional $66,000 of notes were tendered after the consent deadline and before the offer expired at midnight ET on April 2.
As previously reported, the consents allowed the company to amend the note indenture to eliminate substantially all restrictive covenants and some event-of-default provisions.
Cinemark said the supplemental indenture became effective on March 20.
The payout for each $1,000 principal amount of notes was $1,072.58, which was calculated using 50 basis points over the yield to the first call date of the notes, determined based on the bid-side yield of the 4 5/8% U.S. Treasury note due Feb. 29, 2008.
The total consideration includes a consent payment of $30.00 for each $1,000 principal amount of notes tendered before the consent deadline at midnight ET on March 19.
Notes tendered after the consent deadline did not receive the consent payment.
Holders also received accrued interest up to but excluding the settlement date.
The tender offer began on March 6.
Settlement depended on conditions including receipt of consents from holders of a majority of notes.
Holders who tendered were required to submit consents, and vice versa.
Lehman Brothers Inc. (800 438-3242 or collect 212 528-7581) is 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.
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