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Moody’s gives Carmike notes B1, revolver Ba2
Moody's Investors Service said it assigned a B1 rating to Carmike Cinemas, Inc.'s proposed $230 million second-lien notes and a Ba2 rating to the proposed $50 million secured revolving credit facility.
The new notes refinance Carmike's existing $210 million second-lien notes due 2019, with the difference covering call premiums, fees and expenses related to retiring those notes.
The current $25 million secured credit facility due 2016 will be replaced with a new $50 million secured credit facility due 2020.
With the transaction not altering Carmike's risk profile, the company's B2 corporate family rating, B2-PD probability of default rating and stable outlook remain unchanged.
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