Cineworld Boosts Liquidity, Debt Covenant Flexibility – The Hollywood Reporter

Cineworld, the homeowners of Regal theaters, introduced on Friday that it had secured $200 million of incremental loans maturing in Might 2024 from a bunch of its present lenders.

The corporate mentioned the brand new debt facility doesn’t have a cloth influence on its weighted common value of debt.

Buoyed by cinemas reopening in its key markets of the U.S., U.Ok. and Europe, Cineworld has additionally agreed covenant amendments on sure of its present debt amenities, together with lowering the minimal liquidity requirement and stress-free limitations on the usage of money.

The U.Ok.-based firm mentioned that on high of the CARES Act refund of $203m it obtained in Might 2021 and the $213m convertible bond raised in March 2021, together with the tight management over money will give it the pliability to renew operations totally as COVID-19 lockdowns ease in its markets.

“The extra liquidity introduced immediately offers the Group with vital working flexibility now that cinemas have opened internationally,” mentioned Mooky Greidinger, CEO of Cineworld in a press release. “We’re monitoring the evolution of the virus and its potential influence on our enterprise, however we’re very excited concerning the potential of the unprecedented slate of movies within the second half of 2021 (primarily within the fourth quarter). We stay assured within the prospects for our enterprise and proceed to look ahead to welcoming our clients again to one of the best place to look at a film.” | Cineworld Boosts Liquidity, Debt Covenant Flexibility – The Hollywood Reporter


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