Simpson Thacher represented the initial purchasers, led by Wells Fargo Securities LLC, in connection with a Rule 144A/Regulation S offering by Cinemark USA, Inc. (“Cinemark”) of $405 million aggregate principal amount of 5.875% Senior Notes due 2026.
Simpson Thacher also represented Wells Fargo Securities LLC as dealer manager for Cinemark’s concurrent cash tender offer to purchase any and all of its outstanding $400 million aggregate principal amount of 5.125% Senior Notes due 2022.
Cinemark used a portion of the net proceeds from the offering to fund the settlement of the tender offer and intends to use the remaining net proceeds to (i) fund the redemption of any 5.125% Senior Notes due 2022 that remain outstanding following the settlement of the tender offer and (ii) pay related premiums, fees and expenses.
Cinemark USA, Inc. operated a total of 531 theaters and 5,958 screens in the United States and Latin America as of December 31, 2020.
The Simpson Thacher team for the transaction included Ken Wallach, David Azarkh, Ben Massey and Nicholas Halliburton (Capital Markets); Jonathan Cantor and Gal Shemer (Tax); Jennie Getsin (Blue Sky); Jeanne Annarumma and J. Pasco Struhs (Executive Compensation and Employee Benefits); and Timothy Mulvihill (Environmental).