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Moody's assigns Caa1 to Cinemark notes, loan Ba3
Moody's Investors Service said it assigned a Caa1 rating to Cinemark USA, Inc.'s proposed $765 million of seven-year senior notes offering and a Ba3 rating to the new senior secured revolving credit facility maturing 2024.
Cinemark USA's B3 corporate family rating, B3-PD probability of default rating, Ba3 senior secured debt ratings, Caa1 senior unsecured notes ratings and negative outlook remain unchanged, Moody’s said.
The note proceeds will be used to fully redeem the $755 million of 4 7/8% senior notes due 2023.
Cinemark USA amended its bank credit agreement to extend the maturity of its undrawn revolver by two years to Nov. 28, 2024.
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