Mon 04/12/2021 16:32 PM
UPDATE 1: 4:32 p.m. ET 4/12/2021: Cineworld today
said that, by a vote of 98.7% of voting shareholders in favor to 1.3% against, a resolution proposed to approve a temporary suspension of the borrowing limit in the company's articles of association was passed. The passing of the resolution will enable the company to issue and settle the convertible note offering announced on March 25, as discussed below.
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Original Story 4:01 a.m. UTC on March 25, 2021
Cineworld Receives Binding Commitment From Institutional Investors for $213M Convertible Bond Due 2025
Relevant Document:
Release
Cineworld has announced a binding commitment from a group of institutional investors for a new $213 million convertible bond due 2025. In parallel, the group says it will seek shareholder approval to temporarily suspend the borrowing limit in Cineworld's Articles of Association.
Together with an expected $200 million US Cares Act Tax refund, the funding provides the group with additional liquidity for reopening and any further closure periods, according to the company.
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