Cineplex Announces Completion of Comprehensive Refinancing

About this update from Cineplex Inc.

[{"type":"text","content":"\n \n \n \n Cineplex Announces Completion of Comprehensive Refinancing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 4, 2024\n \n \n /CNW/ - Cineplex Inc. (\"Cineplex\" or the \"Company\") (TSX: CGX) today announced that it has closed its previously announced private placement offering of\n \n $575 million\n \n aggregate principal amount of 7.625% senior secured notes (the \"Notes\") due\n \n March 31, 2029\n \n (the \"Notes Offering\"), as well as the other aspects of its comprehensive refinancing originally announced on\n \n February 8, 2024\n \n .\n \n \n \n \n \n \n \n \n \n Other elements of the Company's comprehensive refinancing plan which were also completed today are as follows:\n \n \n \n The Company redeemed in full its existing 7.5% senior secured second lien notes due\n \n February 26, 2026\n \n using a portion of the proceeds from the Note Offering.\n \n \n \n \n The Company repaid in full and terminated the eighth amended and restated credit agreement dated\n \n December 13, 2023\n \n with The Bank of\n \n Nova Scotia\n \n using a portion of the proceeds from the Notes Offering. The Company has also entered into a new\n \n $100 million\n \n \"covenant-lite\" revolving credit facility with a maturity date of\n \n March 4, 2027\n \n , with a syndicate of banks led by The Bank of\n \n Nova Scotia\n \n (the \"New Credit Facility\").\n \n \n \n \n Amendments (the \"Amendments\") to the Company's 5.75% convertible unsecured subordinated debentures due\n \n September 30, 2025\n \n (the \"Convertible Debentures\") have been approved in writing by holders of approximately 89% of the outstanding Convertible Debentures. Accordingly, the debentureholder meeting scheduled for\n \n March 14, 2024\n \n in respect of the Amendments has been cancelled. The first supplemental indenture giving effect to the Amendments (the \"Supp...

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