PLANO, Texas--(BUSINESS WIRE)--Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, announced today that through its wholly-owned subsidiary, Cinemark USA, Inc. (the “Company”), it has successfully completed an amendment to its senior secured credit facility that included a repricing of the term loan under the facility. The Company’s credit agreement was amended to reduce the rate at which the term loan bears interest, which will now be at either a base rate plus 1.00% or LIBOR plus 2.00%, as elected by the Company in accordance with the credit agreement, representing an annual cash interest savings of 25 basis points or approximately $1.7 million per year.
“We are pleased that market favorability has once again enabled us to improve the coupon rate of our term loan, which will yield meaningful savings for our Company,” stated Sean Gamble, Cinemark’s Chief Financial Officer. “We also took the opportunity to modify certain definitions and other provisions in the agreement to better reflect our current operating environment and strategic initiatives.”
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture exhibitor, operating 525 theatres with 5,894 screens in 41 U.S. states, Brazil, Argentina, and 13 other Latin American countries as of March 31, 2017. For more information, go to investors.cinemark.com.
Certain matters within this press release include “forward–looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those projected in the forward-looking statements. For a description of these factors, please review the “Risk Factors” section or other sections in the Company’s Annual Report on Form 10-K filed February 23, 2017 and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by such risk factors.