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Share Name | Share Symbol | Market | Type |
---|---|---|---|
National CineMedia Inc | NASDAQ:NCMI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.2758 | -6.04% | 4.2942 | 4.33 | 4.50 | 4.88 | 4.57 | 4.57 | 600,820 | 21:49:59 |
Delaware
|
|
001-33296
|
|
20-5665602
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
file number)
|
|
(IRS employer
identification no.) |
Delaware
|
|
333-176056
|
|
20-2632505
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
file number)
|
|
(IRS employer
identification no.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
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|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 210.14d-2(b))
|
|
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 1.01
|
Entry into a Material Definitive Agreement.
|
•
|
the aggregate principal amount of the initial Term Loan is $270 million, consistent with the aggregate principal amount of term loans outstanding under the Existing Credit Agreement;
|
•
|
the proceeds from the Term Loan were used to repay in full all amounts outstanding under the Existing Credit Agreement;
|
•
|
the interest rate under the Term Loan is the LIBOR index plus 3.00%;
|
•
|
a financial covenant was added (applicable to both the Term Loan and the Revolving Credit Facility) requiring a total leverage ratio of 6.25:1:00;
|
•
|
the general investment basket was increased to $100 million, as compared to $25 million under the Existing Credit Agreement;
|
•
|
the Term Loan amortizes at a rate equal to 1.0% annually, to be paid in equal quarterly installments; and
|
•
|
the Term Loan will mature on June 20, 2025 contingent upon the refinancing on or
prior to October 30, 2021 of NCM LLC’s 6.00% Senior Secured Notes due in 2022 and issued pursuant to the Indenture, dated as of April 27, 2012 (the “Senior Secured Notes”). If the Senior Secured Notes are not refinanced on or prior to October 30, 2021, then the Term Loan will instead mature on December 30, 2021.
|
•
|
the aggregate availability under the Revolving Credit Facility is $175 million, consistent with the Existing Credit Agreement revolving credit facility;
|
•
|
the interest rate of the Revolving Credit Facility remains unchanged from the Existing Credit Agreement at the LIBOR index plus an amount ranging from 1.75-2.25% based on NCM LLC’s senior secured leverage ratio;
|
•
|
the financial covenant regarding the senior secured leverage ratio decreased to 4.50:1:00, as compared to 6.50:1:00 under the Existing Credit Agreement; and
|
•
|
the Revolving Credit Facility will mature on June 20, 2023 contingent upon the refinancing of the Senior Secured Notes on or prior to October 30, 2021. If the Senior Secured Notes are not refinanced on or prior to October 30, 2021, then the Revolving Credit Facility will instead mature on December 30, 2021.
|
Item 1.02
|
Termination of a Material Definitive Agreement.
|
Item 2.03
|
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant.
|
Item 9.01
|
Financial Statements and Exhibits
|
|
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NATIONAL CINEMEDIA, INC.
|
|
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|
|
|
Dated: July 10, 2018
|
|
By:
|
|
/s/ Katherine L. Scherping
|
|
|
|
|
Katherine L. Scherping
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
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NATIONAL CINEMEDIA, LLC
|
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By: National CineMedia, Inc., its manager
|
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Dated: July 10, 2018
|
|
By:
|
|
/s/ Katherine L. Scherping
|
|
|
|
|
Katherine L. Scherping
|
|
|
|
|
Chief Financial Officer
|
|
|
|
|
|
1 Year National CineMedia Chart |
1 Month National CineMedia Chart |
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