Moody's assigns B1 to Cineworld loan

Moody's Investors Service said it assigned B1 rating to the $1.93 billion of incremental term loan B due 2027 being issued by 1232743 BC Ltd., a subsidiary of Cineworld UK Holdco Ltd. The rating outlook for the entity is stable.

Proceeds together with $343 million from a bridge loan due 2021 will be used to fund the acquisition of Cineplex. The acquisition will be 100% debt funded and subject to Cineworld's and Cineplex's shareholder approval, and other regulatory approvals.

The B1 corporate family rating and the B1-PD probability of default rating of Cineworld remain unchanged.

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