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Cineworld secures $450m liquidity injection; targets additional $300m
StockMarketWire.com
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Cinema group Cineworld said it had secured a $450 million debt facility maturing 23 May 2024, to firm up its finances and would undertake additional measures to deliver over $300m in liquidity.
Alongside the new debt facility, the company said it would issue to participating lenders 153,539,786 equity warrants representing in aggregate 9.99% of its fully diluted ordinary share capital.
The company also extended the maturity of its $111 million incremental revolving credit facility from December 2020 to May 2024.
After accounting for the new debt facility, the company would have aggregate gross debt financing of $4.9 billion with a weighted average interest rate of approximately 4.5%.
Cineworld also said it would accelerated its tax year closure to bring forward an expected tax refund of over $200 milion to early 2021.
The new debt facility also included certain financial and operating covenants and entitles the lenders to appoint a board observer.
'The measures we are announcing today deliver over $750 million of extra liquidity to support our business,' the company said.
At 8:00am: (LON:CINE) Cineworld Group PLC share price was 0p at 43.84p
Story provided by StockMarketWire.com
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