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National CineMedia closes $50 million revolver at SOFR plus 800 bps
By Mary-Katherine Stinson
Lexington, Ky., Jan. 6 – National CineMedia LLC has entered a new $50 million revolving credit facility (B3) at SOFR plus 800 basis points subject to a 1% floor, according to a press release from National CineMedia, Inc., managing member and 48.3% owner of the company.
The entire $50 million was drawn on Jan. 5 and the facility has a maturity date of June 20, 2023.
In addition, the company also amended its existing credit agreement.
The amendments include the following: an extension of the suspension of its consolidated net senior secured leverage ratio and consolidated net total leverage ratio financial covenants until and including the fiscal quarter ending Dec. 29, 2022; a revision to the applicable financial covenant ratios for fiscal quarters beginning March 30, 2023 through and including the quarter ending on or about Sept. 28, 2023; and an extension of the limitations established by previous credit amendments through Dec. 28, 2023 regarding, among other things, the company’s ability to make distributions with available cash to the company.
As of Jan. 5, including the net proceeds from the revolver after fees, National CineMedia, Inc. has a cash balance of $143.1 million, $99.7 million of which is at National CineMedia LLC.
National CineMedia is a Centennial, Colo.-based integrated media company.
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