Cineplex completes comprehensive refinancing
On March 4, 2024, Cineplex Inc. ("Cineplex") announced the completion of its previously announced comprehensive refinancing to improve financial flexibility and strengthen its balance sheet.
The plan included:
- repaying in full its existing senior revolving credit facility and replacing it with a new $100 million senior secured credit facility with a term of at least three years;
- the issuance, by way of a private placement, of C$575 million aggregate principal amount of 7.625% senior secured notes due March 31, 2029;
- redeeming in full its existing 7.5% senior secured second lien notes due February 26, 2026; and
- enacting an amendment to extend and partially redeem C$316.3 million of its aggregate principal amount of 5.75% convertible unsecured subordinated debentures due September 30, 2025 to, amongst other things, extend the maturity from September 30, 2025 to March 1, 2030, and reduce the principal amount outstanding by C$100 million.
BMO Capital Markets and Scotiabank advised Cineplex on the comprehensive refinancing plan. They also acted as joint active bookrunning managers in a syndicate of underwriters that also included RBC Capital Markets and TD Securities, as joint bookrunning managers, and CIBC Capital Markets and Canaccord Genuity Corp., as co-managers.
Further information can be found on Canada Newswire’s website.
Cineplex is a top-tier Canadian brand that operates in the Film Entertainment and Content, Amusement and Leisure, and Media sectors. It offers a unique escape from the everyday to millions of guests through its circuit of over 170 movie theatres and location-based entertainment venues.