Cinemark USA starts tender for 8½% notes

New York, March 16 - Cinemark USA Inc. said it has begun a tender offer for any and all its $105 million principal amount of outstanding 8½% series B senior subordinated notes due 2008.

The Plano, Texas, movie theater operator is also soliciting consents to amend the note indenture.

The tender offer is being made in connection with the recapitalization of Cinemark USA's parent Cinemark Inc.

Holders who tender their notes by the consent date of 5 p.m. ET on March 25 will receive 104.5% of par plus accrued interest.

Holders who tender after the consent date but before the expiration date of 5 p.m. ET on April 13 will receive 101.5% of par plus accrued interest.

The offer is conditional on the recapitalization being completed.

Neither offer depends on obtaining the consent of a majority of noteholders.

Lehman Brothers Inc. (212 528-7581 or 800 438-3242, attention: Liability Management Group) is the dealer manager. D.F. King & Co. Inc. (888 567-1626) is the information agent and tender agent.

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