Cineplex announces comprehensive refinancing plan
Goodmans LLP is acting for Cineplex Inc., a leading Canadian entertainment and media company, in connection with its announcement of a comprehensive refinancing plan to improve financial flexibility and strengthen its balance sheet.
The comprehensive refinancing plan includes:
- Repaying in full Cineplex's existing senior revolving credit facility and replacing it with a new $100 million senior secured revolving credit facility with a term of at least three years.
- Conducting a private placement of new senior secured notes with a target size of $550 million and a term to maturity of at least five years.
- Redeeming in full its existing 7.5% senior secured second lien notes due February 26, 2026.
- An amendment to effectuate the extension and partial redemption of its $316.3 million of aggregate principal amount of Convertible Debentures to, amongst other things, extend the maturity from September 30, 2025 to March 1, 2030, and reduce the principal amount outstanding by $100 million.
The proposed refinancing involves a complex and simultaneous negotiation and closing of a new “covenant-lite” revolving credit facility, a new senior notes offering and an amendment to existing convertible debentures which must all be completed at the same time as they are conditional upon each other.
Featured Work
-
Mining
Paulson and NOVAGOLD RESOURCES INC. to acquire Barrick Gold Corp.’s 50% stake in Donlin Gold LLC for US$1 billion
Goodmans LLP is advising Paulson & Co Inc. in connection with a backstop financing commitment entered into as part of its agreement to jointly acquire with NOVAGOLD RESOURCES INC. a 50% interest… -
Mining
Mandalay Resources Corporation and Alkane Resources announce merger
Goodmans LLP is advising Mandalay Resources Corporation in connection with its agreement to combine in a merger of equals transaction with Alkane Resources Ltd., pursuant to which Alkane will acquire… -
Mergers and Acquisitions
Andlauer Healthcare Group to be acquired by UPS
Goodmans LLP is acting for Andlauer Healthcare Group (“AHG”) in connection with a definitive arrangement agreement with affiliates of UPS under which UPS has agreed to acquire AHG via an all-cash… -
Aging and Health Care
Welltower winds down joint venture with Chartwell
Goodmans LLP acted for Welltower Inc. in connection to the winding down of its 11-year joint venture with Mississauga-based Chartwell Retirement Residences, which has seen them partner on the… -
Aging and Health Care
Welltower to acquire Amica Senior Lifestyles portfolio for $4.6 billion
Goodmans is advising Welltower Inc. in connection with its announced acquisition of a portfolio of senior housing communities from Amica Senior Lifestyles and Ontario Teachers' Pension Plan for… -
Capital Markets
Northwest Healthcare Properties Real Estate Investment Trust announces inaugural unsecured debentures offering
Goodmans LLP advised Northwest Healthcare Properties REIT in connection with a private placement offering of $500 million aggregate principal amount of senior unsecured debentures of the REIT in two…