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CINE Cineworld Group Plc

0.381
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Cineworld Group Plc LSE:CINE London Ordinary Share GB00B15FWH70 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.381 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Cineworld Group plc Further Liquidity and Covenant Flexibility Secured (9914G)

30/07/2021 7:00am

UK Regulatory


Cineworld (LSE:CINE)
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TIDMCINE

RNS Number : 9914G

Cineworld Group plc

30 July 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

30 July 2021

Cineworld Group plc (" Cineworld " or the " Group ")

Further Liquidity and Covenant Flexibility Secured

Following the opening of all cinemas in June 2021, Cineworld is pleased to announce it secured $200m of incremental loans maturing in May 2024 from a group of its existing lenders. The New Debt Facility does not have a material impact on the Group's weighted average cost of debt.

The Group has also agreed covenant amendments on certain of its existing debt facilities, including reducing the minimum liquidity requirement and relaxing limitations on the use of cash, among other modifications which will further support the Group as cinemas restart trading.

Cineworld believes that this further liquidity, in addition to the US CARES Act refund of $203m that was fully received in May 2021 and the $213m convertible bond raised in March 2021, together with the tight control over cash usage will provide the Group with the financial and operational flexibility and resilience to execute on its business strategy as it resumes its operations.

Since cinemas started reopening in April 2021, trading has continued to improve, and the Group is now well-positioned to benefit from pent-up customer demand and the exceptionally strong film slate through the second half of 2021.

The Group expects to release its 2021 Interim Results on 12 August 2021 where a further update on trading will be provided.

Mooky Greidinger, CEO of Cineworld, commented:

"The additional liquidity announced today provides the Group with significant operating flexibility now that cinemas have opened across the world. We are monitoring the evolution of the virus and its potential impact on our business, but we are very excited about the potential of the unprecedented slate of films in the second half of 2021 (mainly in the fourth quarter). We remain confident in the prospects for our business and continue to look forward to welcoming our customers back to the best place to watch a movie."

 
 Contacts 
 Cineworld Group plc:                                Finsbury: 
                         +44 (0)20 8987 
 Israel Greidinger        5000                       James Leviton   +44 (0)20 7251 3801 
 Nisan Cohen             investors@cineworld.co.uk   Rob Allen       cineworld-lon@finsbury.com 
 Manuela Van Dessel 
 

The person responsible for arranging the release of this announcement is Fiona Smith, Company Secretary.

Cautionary note concerning forward looking statements

Certain statements in this announcement are forward looking and so involve risk and uncertainty because they relate to events, and depend upon circumstances that may or may not occur in the future and therefore results and developments can differ materially from those anticipated. The forward looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

This announcement and the information contained herein are for information purposes only, and this announcement does not contain or constitute, and should not be construed as, an offer to purchase or sell or issue securities in the United States of America or in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation, or otherwise constitute an inducement, invitation, commitment, solicitation or recommendation to any person to purchase, subscribe for, or otherwise acquire securities in Cineworld or any of its affiliates.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

July 30, 2021 02:00 ET (06:00 GMT)

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