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2020
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Brent Lang
Cinemark Launches $250 Million Debt Sale
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variety.com
variety.comBy Brent Lang Executive Editor of Film and Media Cinemark is launching an offering of $250 million in senior secured notes.
The theater chain said the debt securities will be used for “general corporate purposes,” which include enhancing its liquidity at a time when cinemas have been closed indefinitely due to the coronavirus.
Cinemark, which is the third largest exhibitor, said the debt will be secured by a first-priority lien on its leases. The debt sale comes as the exhibition sector is in free fall.
It’s unclear when coronavirus will have dissipated enough for cinemas to reopen. Studios have pushed many of their upcoming releases back until later in 2020 or 2021, meaning that the summer blockbuster season will essentially be a wash.
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