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Carmike Cinemas tenders for 10 3/8% notes
New York, Jan 14 -- Carmike Cinemas, Inc. (B3) said that it has begun a cash tender offer for all $154.3 million outstanding principal amount of its 10 3/8% senior subordinated notes due 2009, and is also soliciting noteholder consents to proposed amendments to the notes' indenture that would eliminate substantially all of the restrictive covenants, certain related events of default and certain other terms.
It set a consent deadline of 5 p.m. ET on Jan. 28, and an offer expiration deadline of 12.01 a.m. ET on Feb. 12, both subject to possible extension.
Carmike Cinemas, a Columbus, Ga.-based movie theater company, said that holders tendering their notes by the consent deadline, and thus consenting to the proposed indenture amendments, will receive $1,049.38 per $1,000 principal amount of notes tendered and accepted for purchase, which includes a consent payment of $2.50 per $1,000 principal amount.
Holders tendering after the consent deadline but before the offer expires will receive $1,046.88 per $1,000 principal amount.
All payments will include accrued and unpaid interest up to, but not including, the payment date.
Holders may not consent to the indenture amendments without also tendering their notes and may not revoke their consents without withdrawing the previously tendered notes to which the consents relate.
The tender offer is subject to a number of conditions, including Carmike's receipt of certain consents and completion of certain refinancing transactions. Carmike separately announced plans to sell $150 million of new senior subordinated notes due 2014 in a Rule 144A transaction.
Goldman, Sachs & Co. will act as the exclusive dealer manager and solicitation agent for the tender offer and consent solicitation (800 828-3182). Bondholder Communications Group is the information agent and tender agent for the offer (888 385-2663).
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