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Cineplex to Raise $200 Million in Cash After Cineworld Merger Called Off
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hollywoodreporter.comCanada's Cineplex has launched a CAN $275 million (US $202 million) debt-securities issue to shore up its balance sheet after its $2.1 billion takeover by Regal owner Cineworld Group was called off.
On Tuesday, Cineplex unveiled plans for a public offering of unsecured convertible debentures underwritten by a syndicate of Canadian banks.
Cineplex said it will use the proceeds of the offering to repay existing debt under its credit facilities, of which CAN $100 million (US $74 million) will be permanently repaid and the balance will be available for borrowing under the company’s revolving credit facility.
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