Cineworld launches $650 million term loan B at Libor plus 250-275 bps

By Sara Rosenberg

New York, Sept. 16 – Cineworld Group plc launched on Monday its $650 million seven-year incremental term loan B (B1/BB-) with price talk of Libor plus 250 basis points to 275 bps with a 0% Libor floor and an original issue discount of 99.25 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

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.

Commitments are due at 11 a.m. ET on Friday.

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.

Cineworld is a London-based cinema operator.

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