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 $765 million aggregate principal amount of 5.25% Senior Notes due 2028. Since 2011, Simpson Thacher has represented the initial purchasers in almost $3.5 billion of debt issuances by Cinemark.
Cinemark will use the net proceeds from the offering, together with cash on hand, to (i) fund the redemption of all outstanding 4.875% Senior Notes due 2023 and (ii) pay related fees and expenses.
Cinemark operated a total of 523 theaters and 5,872 screens in the United States and Latin America as of March 31, 2021.
The Simpson Thacher team for the transaction included Ken Wallach, David Azarkh and Benjamin Heriaud (Capital Markets); Benjamin Rippeon and William Smolinski (Tax); Jennie Getsin (Blue Sky); Jeanne Annarumma and J. Pasco Struhs (Executive Compensation and Employee Benefits); and Timothy Mulvihill (Environmental). Summer Associate Alicia Faison also provided valuable assistance.