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Cineworld plans $4 billion debt facilities for $5.8 billion purchase
By Devika Patel
Knoxville, Tenn., Dec. 5 – Cineworld Group plc plans to use committed debt facilities and a rights issue to finance its planned cash acquisition of Regal Entertainment Group, which values the entire Regal share capital at $3.6 billion, with an implied enterprise value of $5.8 billion.
The company will raise about $4 billion through the debt facilities and £1.7 billion in the rights issue to fund the acquisition price of $23.00 per Regal share.
The combined company is expected to be levered around 4x net debt to pro forma EBITDA.
Barclays and HSBC Bank plc have agreed to provide the debt financing for the transaction, according to an 8-K filing with the Securities and Exchange Commission.
Cineworld is a cinema operator based in London.
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