FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


National CineMedia Refinances Senior Secured Credit Facility

November 27, 2012, 07:33 AM

National CineMedia closed on an amended and restated senior secured credit facility. The amended and restated seven-year senior secured credit facility increases NCM LLC's borrowings under its term loans from $225 million to $265 million in order to pay costs and expenses incurred with the amended and restated credit facility, pay-off the interest rate swap arrangements associated with the prior term loans and for general corporate purposes. Pricing on the new term loans was set at the LIBOR index plus 325 basis points, and the new term loans were issued with a 0.75% of original issue discount. In addition, the amended and restated senior secured credit facility expands NCM LLC's revolving credit facility by $5 million (to a total of $124 million) and extends the tenor of $110 million of such revolving credit facility by seven months to November 26, 2017.

The senior secured credit facility was led by a syndicate of financial institutions including Barclays Bank PLC, as sole lead arranger and administrative agent, JPMorgan Chase Bank N.A., as syndication agent and Credit Suisse International, Macquarie Capital Inc. and Morgan Stanley Capital Services, Inc., as co-documentation agents.

"This transaction completes the refinancing of our senior secured credit facility that was put in place at our IPO in February 2007. As a result of this refinancing and the issuance of our senior notes, we have significantly lengthened our debt maturities to an average of over eight years remaining and staged them out over time. At current borrowing rates, we project this term loan refinancing will decrease annual cash interest costs by approximately $5 million," said Gary W. Ferrera, the company's EVP and chief financial officer.

NCM operates NCM Media Networks, a leading integrated media company reaching U.S. consumers in movie theaters, online and through mobile technology.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.