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Fitch assigns Cinemark notes BB+
Fitch Ratings said it assigned a BB+/RR1 rating to Cinemark USA, Inc.’s new $250 million senior secured notes due 2025.
Fitch also downgraded the senior unsecured notes to B/RR5 from B+/RR4, reflecting the reduced recovery prospects for the unsecured holders following the new secured debt tranche.
“The new senior secured notes due 2025 will have a superior position in the capital structure with a first lien on certain leasehold interests in real property and a second lien security interest in the collateral of the senior secured credit facilities,” said Fitch in a press release.
Proceeds will be used to bolster the company’s liquidity position as it navigates through this difficult operating period, driven by mandated theater closures due, the agency said.
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