Cinemark increases pricing on proposed extended credit facility debt

By Sara Rosenberg

New York, Feb. 25 - Cinemark Holdings Inc. raised pricing on its proposed extended term loan and revolving credit facility in an attempt to get its amend and extend completed, according to a market source.

Under the revised amendment, the extended term loan due in April 2016 would be priced at Libor plus 325 basis points, up from the initially proposed Libor plus 275 bps, the source said. Current pricing on the term loan is Libor plus 175 bps.

In addition, 101 soft call protection for one year was added to the extended term loan.

Also, the extended revolver due in March 2015 would be priced at Libor plus 300 bps, up from the initially proposed Libor plus 250 bps, the source remarked. Current pricing on the revolver is Libor plus 200 bps.

Lenders are still being offered a 10 bps consent fee.

Commitments were due at the end of the day Thursday, and the amendment is expected to be completed in early March.

Barclays is leading the amendment.

Cinemark is a Plano, Texas-based motion picture exhibitor.

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