Cinemark USA, Inc. Announces Efforts to Amend Its Senior Secured Credit Facility.Business Editors PLANO, Texas--(BUSINESS WIRE)--Aug. 1, 2003 Cinemark USA, Inc., one of the leaders in the motion picture exhibition industry, today announced that it is seeking certain amendments to its senior secured credit facility from its lenders to provide a $165 million term loan with a term expiring on March 31, 2008 subject to extensions permitted in the senior credit facility. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the term loan and additional borrowings under the revolving facility will be used to (i) repay $125 million of term loans currently incurred under the Company's senior secured credit facility and (ii) redeem the approximately $42 million of the Company's 9 5/8% Senior Subordinated Notes due 2008 which remain outstanding. The effectiveness of the amendments is subject to the requisite consent of the lenders and the prepayment of approximately $125 million under the existing term loan. The Company intends to issue a redemption notice for the approximately $42 million of its 9 5/8% Senior Subordinated Notes which remain outstanding upon the effectiveness of the amendments. Cinemark USA, Inc. continues to be a leader in the development of stadium seating multiplex theatres. As of June 30, 2003, the Company's aggregate screen count is 3,044 with operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Mexico, Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador El Salvador (ĕl sälväthōr`), officially Republic of El Salvador, republic (2005 est. pop. 6,705,000), 8,260 sq mi (21,393 sq km), Central America. , Nicaragua, Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. , Panama, Colombia and the United Kingdom. The Company intends that this press release be governed by the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (the "PSLR PSLR Peak Sidelobe Ratio Act") with respect to statements that may be deemed to be forward-looking statements under the PSLR Act. Such forward-looking statements may include, but are not limited to, the Company and any of its subsidiaries' long-term theatre strategy. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors. The Company, headquartered in Plano, TX, has a website at www.cinemark.com where customers can view showtimes and purchase tickets over the internet. |
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