Carmike Cinemas sets Tuesday launch for $305 million credit facility

By Sara Rosenberg

New York, Jan. 8 - Carmike Cinemas Inc. has scheduled a conference call for Tuesday to launch its proposed $305 million credit facility, according to sources.

JPMorgan, Citigroup and Macquarie Capital are the joint lead arrangers and joint bookrunners on the deal.

The facility is comprised of a $275 million term loan B and a $30 million revolver due January 2013, with both tranches talked at Libor plus 400 basis points with a 2% Libor floor, sources said.

Chatter is that the original issue discount on the term loan B is talked in the area of 98 to 99, sources added.

Proceeds will be used to refinance existing bank debt.

The existing term loan that is being replaced had a balance of $250.8 million outstanding at Dec. 31 and matures in May 2012, while the existing revolver is sized at $50 million and matures in May 2010.

Closing on the transaction is expected by late January/early February.

Carmike is a Columbus, Ga.-based digital cinema and 3D motion picture exhibitor.

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