Moody’s gives B1 to Cineworld, facilities

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Cineworld UK Holdco Ltd.

Concurrently, the agency assigned B1 ratings to the $4,007,000,000 senior secured term loan borrowed by Cineworld Finance US, Inc. and the $300 million senior secured revolving credit facility borrowed by Cineworld UK.

The outlook is stable.

Term loan proceeds will be used to finance, in part, the acquisition of Regal Entertainment Group, to refinance existing Regal debt and to pay transaction expenses.

"Cineworld is a leading European cinema group and the acquisition of Regal gives it a strong position in the US, the largest international cinema market, improving its business profile and mitigating high opening pro forma leverage of 5.3x," Colin Vittery, Moody's vice president, senior credit officer and lead analyst for Cineworld, said in a news release.

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