Mon 11/23/2020 09:24 AM
Cineworld’s new $450 million
debt facility due May 2024 will be structured as a superpriority delayed-draw term loan, according to sources. The facility offers a 3% PIK upfront fee and pays 7% cash/8.25% PIK, the sources said. Backstop parties will be paid a 3% cash/3% PIK fee, they said.
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All lenders to the company’s $3.3 billion U.S. L+250 bps term loan due 2025 and €214.6 million L+262.5 bps term loan due 2025 will be eligible to participate pro rata in the financing, the sources said. The financing will be arranged by Barclays, they added.
Representatives for Cineworld and Barclays declined to comment.
--Harvard Zhang
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