Cinemark Holdings announced that its wholly-owned subsidiary, Cinemark USA, Inc., has successfully completed the repricing of the term loan under its senior secured credit facility. The company’s credit agreement was amended to reduce the rate at which the term loan bears interest, which will now be at a rate of LIBOR plus 2.75%, representing an annual savings of 25 basis points or approximately $1.7mm per annum. Other than the reduction in annual interest expense, there were no other changes to the covenants or to the maturity of the term loan.

“We remain dedicated to prudent capital planning and we are pleased that market favorability has enabled us to improve the coupon rate of our term loan, which will yield meaningful savings for our Company,” stated Sean Gamble, Cinemark’s CFO.

Cinemark is a leading domestic and international motion picture exhibitor, operating 516 theatres with 5,840 screens in 41 U.S. states, Brazil, Argentina, and 12 other Latin American countries as of March 31, 2016.