New Issue: Cinemark prices $530 million 10-year notes at par to yield 4 7/8%

By Paul A. Harris

Portland, Ore., May 21 - Cinemark USA, Inc. priced a $530 million issue of 10-year senior notes (B2/BB-/) at par to yield 4 7/8% on Tuesday, according to a syndicate source.

The yield printed in the middle of the 4¾% to 5% yield talk.

Barclays, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners for the quick-to-market deal.

The Plano, Texas-based movie chain operator plans to use the proceeds to refinance its 8 5/8% senior notes due 2019.

Issuer:	Cinemark USA, Inc.
Amount:	$530 million
Maturity:	June 1, 2023
Securities:	Senior notes
Bookrunners:	Barclays, Morgan Stanley & Co. LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Wells Fargo Securities LLC
Coupon:	4 7/8%
Price:	Par
Yield:	4 7/8%
Spread:	294 bps
First call:	Make whole call at Treasuries plus 50 bps until June 1, 2018, then callable at 102.438
Equity clawback:	35% at 104.875 until June 1, 2016
Change-of-control put:	101%
Trade date:	May 21
Settlement date:	May 24
Ratings:	Moody's: B2
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	4¾% to 5%
Marketing:	Quick to market

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