Cineworld details terms of $1.71 billion first-lien exit facilities

By Sarah Lizee

Olympia, Wash., July 31 – Cineworld Group plc detailed the terms of its $1.71 billion of first-lien exit facilities being obtained as part of its Chapter 11 exit strategy in documents filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company has lined up a $1.46 billion term loan credit agreement, net of original issue discount, with Barclays Bank plc as administrative agent.

It is set to bear interest at SOFR plus 850 basis points and mature on July 31, 2028.

The company has also lined up a $250 million revolver with Soung Point Agency LLC as administrative agent and Celebrity Commercial Funding (Cayman) LP as collateral agent.

The revolver is set to bear interest at SOFR plus 650 bps and mature on July 31, 2027.

Cineworld is a London-based cinema operator. The company filed bankruptcy on Sept. 7, 2022 under Chapter 11 case number 22-90168.

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