National CineMedia, LLC Announces Proposed Refinancing of its Senior Secured Credit Facility
National CineMedia, LLC (“NCM LLC”) and National CineMedia, Inc.
(NASDAQ: NCMI) (the “Company”), the managing member and owner of 48.6%
of NCM LLC, announced today that NCM LLC has engaged Barclays, J.P.
Morgan, Credit Suisse, Macquarie, and Morgan Stanley to arrange a
refinancing of its existing senior secured credit facility. Under the
proposed refinancing, NCM LLC is seeking to replace its existing $225
million term loan with a new $265 million 7-year term loan. NCM LLC also
seeks to increase the capacity under its revolving credit facility by $5
million and extend the maturity by 7 months. Upon completion of the
proposed refinancing, and payment of costs and expenses incurred
therewith, NCM LLC intends to use any excess proceeds to pay-off its
current interest rate swap arrangements, make affiliate payments and for
general corporate purposes. There can be no assurance that the
refinancing or other transactions will be completed.
About National CineMedia, Inc.
NCM operates NCM Media Networks, a leading integrated media company
reaching U.S. consumers in movie theaters, online and through mobile
technology. The NCM Cinema Network and NCM Fathom present cinema
advertising and events across the nation’s largest digital in-theater
network, comprised of theaters owned by AMC Entertainment Inc., Cinemark
Holdings, Inc. (NYSE: CNK), Regal Entertainment Group (NYSE: RGC) and
other leading regional theater circuits. NCM’s theater advertising
network covers 183 Designated Market Areas® (49 of the top
50) and includes over 19,300 screens (over 18,400 digital). During 2011,
over 680 million patrons (on an annualized basis) attended movies shown
in theaters in which NCM currently has exclusive cinema advertising
agreements in place. The NCM Fathom Events live digital broadcast
network (“DBN”) is comprised of over 720 locations in 170 Designated
Market Areas® (including all of the top 50). The NCM
Interactive Network offers 360-degree integrated marketing opportunities
in combination with cinema, encompassing 41 entertainment-related
websites, online widgets and mobile applications. National CineMedia,
Inc. (NASDAQ: NCMI) owns a 48.6% interest in and is the managing member
of National CineMedia LLC. For more information, visit www.ncm.com.
Forward Looking Statements
This press release contains various forward-looking statements that
reflect management’s current expectations or beliefs regarding future
events, including the propsed refinancing.Investors are
cautioned that reliance on these forward-looking statements involves
risks and uncertainties.Although the Company believes that the
assumptions used in the forward looking statements are reasonable, any
of these assumptions could prove to be inaccurate and, as a result,
actual results could differ materially from those expressed or implied
in the forward looking statements.