PLANO, Texas--(BUSINESS WIRE)--Cinemark Holdings, Inc. (NYSE: CNK), one of the largest motion picture exhibitors in the world, announced today that its wholly-owned subsidiary, Cinemark USA, Inc. (the “Company”), has successfully completed the repricing of the term loan under its senior secured credit facility. The Company’s credit agreement was amended to reduce the rate at which the term loan bears interest, which will now be at a rate of LIBOR plus 2.75%, representing an annual savings of 25 basis points or approximately $1.7mm per annum. Other than the reduction in annual interest expense, there were no other changes to the covenants or to the maturity of the term loan.
“We remain dedicated to prudent capital planning and we are pleased that market favorability has enabled us to improve the coupon rate of our term loan, which will yield meaningful savings for our Company,” stated Sean Gamble, Cinemark’s CFO.
About Cinemark Holdings, Inc.:
Cinemark is a leading domestic and international motion picture exhibitor, operating 516 theatres with 5,840 screens in 41 U.S. states, Brazil, Argentina, and 12 other Latin American countries as of March 31, 2016. 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 24, 2016 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.