Carmike (CKEC) to Recapitalize $210M in Senior Notes; Entering New $25M Revolver
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Carmike Cinemas, Inc. (NASDAQ: CKEC) today announced its plan to recapitalize its balance sheet, including an unregistered offering of $210 million aggregate principal amount of Senior Secured Notes due 2019, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended.
Carmike also expects to enter into a new $25 million senior secured revolving credit facility to replace its existing revolving credit facility. Carmike expects the new credit facility to remain undrawn at closing.
The net proceeds from the offering will be used to retire Carmike’s existing term loan and to pay related fees and expenses, and any remaining net proceeds will be used for working capital and other general corporate purposes.
Carmike also expects to enter into a new $25 million senior secured revolving credit facility to replace its existing revolving credit facility. Carmike expects the new credit facility to remain undrawn at closing.
The net proceeds from the offering will be used to retire Carmike’s existing term loan and to pay related fees and expenses, and any remaining net proceeds will be used for working capital and other general corporate purposes.
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