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Vue pulls call for £300 million 7 7/8% notes, €360 million floaters
By Susanna Moon
Chicago, Dec. 6 – Vue International Bidco plc said it revoked the redemption notice for its £300 million of 7 7/8% senior secured notes due 2020, €290 million senior secured floating-rate notes due 2020 and €70 million senior secured floating-rate notes due 2020.
The conditions to the redemption will not be met, according to the notice by the issuer on Thursday.
For more information, send e-mail to investor.relations@vuemail.com.
As announced, Vue issued a contingent call on Nov. 21 to redeem the notes Dec. 21 at par, which was conditioned on financing.
Vue International launched £833 million equivalent of term loans due December 2025 through Vue International Bidco plc.
The financing consisted of a €480 million senior secured term loan B, a £300 million senior secured term loan B and €114 million delayed-draw tranche senior secured term loan B.
The financing followed the CineStar acquisition and was to be used to refinance Vue's capital structure “with the objective of increasing maturities, reducing cost of debt and increasing flexibility in addition to raising proceeds for the CineStar acquisition,” according to a previous company announcement.
The company’s existing £60 million equivalent super senior revolving credit facility was also to be refinanced on a senior secured basis and upsized as part of the financing, the previous release noted.
Proceeds were also slated for refinancing Vue's €120 million senior secured term loan B.
The company also planned to use proceeds to finance the majority of the initial purchase price of the CineStar acquisition for €130 million and to fund CineStar new site capital expenditures.
Vue is an entertainment services provider based in London.
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