Cinemark to get new credit facility for Century purchase

By Sara Rosenberg

New York, Aug. 8 - Cinemark USA, Inc. plans on getting a new senior credit facility to fund its acquisition of Century Theatres, Inc., according to a company news release.

Lehman Brothers and Morgan Stanley are the lead banks on the deal.

In addition to funding the acquisition, the credit facility will also be used to repay Century's existing credit facility debt.

The transaction will not constitute a change of control for purposes of Cinemark's 9¾% senior discount notes or its 9% senior subordinated notes.

Completion of the acquisition is subject to the satisfaction of customary closing conditions, including antitrust approval and completion of financing.

Cinemark is a Plano, Texas, motion picture exhibitor. Century is a San Rafael, Calif. motion picture exhibitor.

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