Cinemark USA, Inc. (CNK) to Offer $470 Million of Senior Notes
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Cinemark Holdings, Inc. (NYSE: CNK) announced that its indirect wholly-owned subsidiary, Cinemark USA, Inc., plans to commence a private offering to eligible purchasers of $470 million of Senior Notes due 2019. The Notes will be guaranteed by all of the Company's subsidiaries that guarantee the Company's and the guarantors' debt. Cinemark USA, Inc. intends to distribute a substantial portion of the proceeds of the proposed offering to Cinemark, Inc. to fund the repurchase of Cinemark, Inc.'s 9¾% senior discount notes due 2014 pursuant to a cash tender offer also announced today. Proceeds from the proposed offering will also be used to pay the related fees and expenses associated with this offering of notes and the aforementioned cash tender offer. The Company intends to use any remaining proceeds for general corporate purposes.
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