Cinemark receives consents to amend 8½% notes

New York, March 25 - Cinemark USA, Inc. said that it received the necessary consents to amend the indenture for its $105 million principal amount of 8½% series B senior subordinated notes due 2008.

The modifications will become effective when the notes are accepted for purchase.

The consent solicitation expired at 5 p.m. ET on March 25. Meanwhile the tender offer continues until 5 p.m. ET on April 13.

Cinemark USA said on March 16 it had begun a tender offer for any and all its $105 million 8½% series B senior subordinated notes.

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 tendered 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.