Cineworld wraps $650 million term loan B at Libor plus 250 bps

By Sara Rosenberg

New York, Sept. 23 – Cineworld Group plc finalized pricing on its $650 million seven-year incremental term loan B (B1/BB-) at Libor plus 250 basis points, the low end of the Libor plus 250 bps to 275 bps talk, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99.25 to 99.5 talk, the source said.

The term loan has a 0% Libor floor and 101 soft call protection for six months.

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

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

Cineworld is a London-based cinema operator.

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