RE: https://www.sharesmagazine.co.uk/news/market/7068773/Cineworld-major-shareholder-refinances-loan2 Sep 2020 17:47
Cinema group Cineworld said 20%-shareholder Global City Theatres had agreed to a refinancing and confirmed its commitment as a long-term investor in the company.
Shares in Global City Theatres (GCT) and its parent company Global City Holdings are held in trusts for the benefit of the children of Cineworld chief executive Moshe Greidinger and deputy CEO Israel Greidinger.
GCT in March sold down part of its holding in Cineworld amid plans to refinance a loan provided by Barclays and HSBC.
On Wednesday, Cineworld said Sand Grove Capital Management would refinance the Barclays and HSBC facility.
GCT had agreed to provide a security package to Sand Grove that included a charge over its holding of Cineworld shares.
Following the refinancing, GCT would not be required to make any debt service or amortisation payments for three years.
'The Cineworld board is pleased to confirm that GCT remains a committed long-term holder of Cineworld ordinary shares and Moshe and Israel Greidinger remain committed to Cineworld as members of the senior management team and retain a significant family interest in Cineworld,' the company said.
At 3:03pm: (LON:CINE) Cineworld Group PLC share price was +0.35p at 60.35p