Cineworld to launch $650 million incremental term loan B on Monday

By Sara Rosenberg

New York, Sept. 13 – Cineworld Group plc is scheduled to hold a lender call at 1:30 p.m. ET on Monday to launch a $650 million seven-year incremental term loan B (B1/BB-), according to a market source.

HSBC Bank plc is the left lead on the deal. BofA Securities Inc. and Barclays are joint lead arrangers and joint bookrunners. Barclays is the agent.

The term loan has 101 soft call protection for six months, the source said.

Proceeds will be used to partially refinance the company’s existing euro term loan B and drawings on the revolving credit facility.

This will be a leverage neutral transaction for the company and will optimize interest cost, extend maturity, and increase liquidity, the source added.

Commitments are due at 11 a.m. ET on Sept. 20.

Cineworld is a London-based cinema operator.

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