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Cineworld secures $200m in incremental loans

Fri, 30th Jul 2021 07:51

(Sharecast News) - Cineworld on Friday said it had secured $200m of incremental loans maturing in May 2024 from a group of existing lenders, as the cinema chain owner looked to take advantage of pent-up demand after the lifting of Covid restrictions.

The company 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

The boost to liquidity comes as the company reported improving performance since it reopened its cinemas in April.

"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," Cineworld said in a statement.

"The group expects to release its 2021 interim results on 12 August 2021 where a further update on trading will be provided."