CENTENNIAL, Colo.--(BUSINESS WIRE)--
National CineMedia, LLC ("NCM LLC") and National CineMedia, Inc.
(NASDAQ: NCMI) (the "Company"), the managing member and owner of 48.6%
of NCM LLC, announced today that NCM LLC has priced its private
placement of $400 million aggregate principal amount of 6.00% Senior
Secured Notes due 2022 (the "Notes"). The private placement of the Notes
is expected to close on Friday, April 27, 2012, subject to certain
closing conditions.
The notes will be senior secured obligations of NCM LLC, will rank pari
passu with NCM LLC's existing senior secured credit facility and,
subject to certain exceptions, will share in the same collateral that
secures NCM LLC's obligations under its existing senior secured credit
facility.
NCL LLC intends to use the net proceeds of the offering to repay $325
million of outstanding term loan debt under its existing senior secured
credit facility and approximately $25 million of outstanding debt under
its revolving credit agreement and to pay approximately $41 million to
terminate the swap agreements associated with those borrowings. Proceeds
will also be used for payment of fees in connection with the offering
and the related credit facility amendment, including the amendment fee
to lenders and transaction expenses. Net proceeds remaining, if any,
will be used for general corporate purposes.
The Notes have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or applicable state securities laws and
may not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws. NCM LLC plans to
offer and sell the Notes only to qualified institutional buyers pursuant
to Rule 144A under the Securities Act and to persons outside the United
States pursuant to Regulation S under the Securities Act.
Forward-Looking Statements
This press release contains various forward-looking statements that
reflect management's current expectations or beliefs regarding future
events, including the proposed notes offering by NCM LLC. Investors are
cautioned that reliance on these forward-looking statements involves
risks and uncertainties. Although the NCM LLC and the Company believe
that the assumptions used in the forward-looking statements are
reasonable, any of these assumptions could prove to be inaccurate and,
as a result, actual results could differ materially from those expressed
or implied in the forward-looking statements.
National CineMedia, LLC
INVESTOR CONTACT:
David
Oddo, 800-844-0935
investors@ncm.com
or
MEDIA
CONTACT:
Lauren Leff, 303-957-1709
lauren.leff@ncm.com
Source: National CineMedia, LLC
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