26 January 2023: The Vue International group (‘Vue International’ or ‘Vue’), the largest privately held cinema group in Europe, confirms that it has successfully completed its recapitalisation, giving the group access to £75m of additional liquidity, delivering a substantial deleveraging of its balance sheet and providing it with a robust capital structure to support long-term, sustainable growth.
Tim Richards, Founder and CEO of Vue International said: “I am delighted that we have secured the right capital structure to enable the longevity and success of our business, and I’d like to thank our past and present investors and shareholders for all of their support and constructive engagement over recent months. COVID interrupted our strongest ever period of trading but our business continues to recover post-pandemic. Over the past two years we have seen two of the top four biggest films in UK history: Bond No Time To Die and Spiderman No Way Home, in addition to box office record breakers: Top Gun Maverick, Matilda and – most recently – Avatar 2. Given the huge pent up demand we’re seeing for the cinema experience, and with lots more fantastic films set for theatrical release later this year, we are at a pivotal moment for the industry. Alongside the recent appointment of Stella David to the position of Non-Executive Chair, the completion of our recapitalisation means that Vue is now strongly-positioned to invest in the business and accelerate growth.”
- Fully consensual transaction agreed with all stakeholders, implemented contractually
- Debt-for-equity swap with approximately £470m of existing debt removed from the balance sheet
- £75m euro-equivalent of super senior new money to support the recapitalisation of the company
- Conversion of existing first-lien debt to new first-lien debt with extended maturity
- Existing first-lien lenders to take 100% equity ownership (prior to any dilution for management)
- Extinguishment of second-lien debt
- Settlement with Event Hospitality & Entertainment Ltd. to release all claims and discontinue the arbitration
Footnote 1: net
Notes to Editors
Vue International is the largest privately owned cinema operator in Europe, spanning nine countries, 227 sites and 1,990 screens including: United Kingdom, Ireland, Germany, Denmark, Netherlands, Italy, Poland, Lithuania and Taiwan. From its inception in May 2003 Vue International has grown organically and through strategic acquisition to deliver a premium out-of-home entertainment experience by combining the best content, with the best technology in the best environment.