Cinemark begins tender offer, consent solicitation for 9¾% notes

By Angela McDaniels

Tacoma, Wash., June 15 - Cinemark, Inc. has begun a tender offer for its 9¾% senior discount notes due 2014, of which $419,403,000 principal amount at maturity is outstanding.

The company said it is also soliciting consents to adopt proposed amendments to the note indenture that would eliminate substantially all restrictive covenants and some event-of-default provisions. Holders who tender must deliver consents and vice versa.

The payment will be $1,048.75 for each $1,000 principal amount at maturity of notes, which includes a consent payment of $30.00 for each note tendered by the consent date of 5 p.m. ET on June 26.

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

The offer will expire at 11:59 p.m. ET on July 13.

The offer is conditioned on the tender of at least a majority of the outstanding notes by the consent date, the completion of a planned debt financing by subsidiary Cinemark USA, Inc. to finance the offer and some other general conditions.

The dealer manager and solicitation agent is Barclays Capital Inc. (800 438-3242 or 212 528-7581, Attn: liability management group). The information and tender agent is D.F. King & Co., Inc. (888 628-8208 or 212 269-5550).

Cinemark is a motion picture exhibition company 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.