30th Jul 2021 11:59
Cineworld Group PLC - Brentford, UK-based movie theatre operator - Secures USD200 million of incremental loans maturing in May 2024 from group of existing lenders. Also secures covenant amendments, including reduction on minimum liquidity requirement and relaxing limits on use of cash. Cineworld says this further liquidity, in addition to the US CARES Act refund of USD203 million and a USD213 million convertible bond raised in March, will provide group with "financial and operational flexibility".
"Since cinemas started reopening in April, trading has continued to improve, and the group is now well-positioned to benefit from pent-up customer demand and the exceptionally strong film slate through the second half of 2021," the company said.
Current stock price: 64.58 pence
Year-to-date change: up 0.8%
By Amrit Sahota; [email protected]
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