Cinemark is launching an offering of $250 million in senior secured notes. The theater chain said the debt securities will be used for “general corporate purposes,” which include enhanc…
is launching an offering of $250 million in senior secured notes. The theater chain said the debt securities will be used for “general corporate purposes,” which include enhancing its liquidity at a time when cinemas have been closed indefinitely due to theCinemark, which is the third largest exhibitor, said the debt will be secured by a first-priority lien on its leases. The debt sale comes as the exhibition sector is in free fall.
Some chains, such as AMC Theaters, appear to be on the verge of insolvency, while others are hoping that the federal stimulus bills will help them secure loans that they need to remain in business.
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