Vue International successfully places £813m equivalent debt refinancing

London, 19 June 2019 – Vue International (“Vue”) today successfully placed the £813m equivalent financing (the “Financing”), through Vue International Bidco plc (the “Borrower”).

The Financing will fully refinance Vue’s existing capital structure, extend maturities and reduce cost of debt. The Financing comprises a package of £648m equivalent EUR first-lien senior secured term loans and a £165m second lien secured PIK Note provided by OMERS, a current Vue shareholder.

The Financing comprises:

• c.€631m (£550m-equivalent) EUR Senior Secured Term Loan B, maturing in 2026, with a variable margin of EURIBOR + 475bps. A zero percent floor applies to EURIBOR.
• €114m (c. £98m) EUR Senior Secured Term Loan B (delayed draw tranche), maturing in 2026, with a variable margin of EURIBOR + 475bps. A zero percent floor applies to EURIBOR.
• £165m 2nd Lien PIK Notes provided by OMERS, maturing in 2027, with a variable margin of Libor + 1,000 bps. A one percent floor applies to LIBOR.

Vue has also secured a £65m equivalent Senior Secured Revolving Credit Facility maturing in 2025, replacing the existing £60m revolving credit facility.

The proceeds will be used to refinance Vue’s existing indebtedness including its €120m EUR Senior Secured Term Loan B, €360m EUR Senior Secured Floating Rate Notes, and £300m GBP Senior Secured Notes. The proceeds will also be used to refinance the €114m Senior Secured Delayed Draw Term Loan Facility which will finance the initial purchase consideration of CineStar (€130m), fund CineStar new site capital expenditures and pay associated fees and expenses.

Alison Cornwell, Chief Financial Officer of Vue, commented: “We are delighted to have secured this financing at very attractive terms while extending our senior debt maturities to 2026. Our immediate focus is now on integrating our recent acquisitions and continuing to drive our growth initiatives across the portfolio. The transaction was very well received by investors and was significantly oversubscribed. Vue and its shareholders would like to thank all lenders involved in the successful process for their ongoing support.”

Tim Richards, Founder and Chief Executive Officer of Vue, commented: “The success of the financing is a testament to investor confidence in Vue’s business model and the long-term future of cinema. This is a very exciting time for the industry and we look forward to furthering our international growth strategy. We remain committed to owning, managing and developing the highest quality cinema assets around the world and are well positioned to continue playing a leading role in the future of the global exhibition industry.”

The EUR first lien senior secured term loans have received a preliminary rating of B- by Standard & Poor's and B2 by Moody's.

J.P. Morgan, Morgan Stanley and Lloyds Bank acted as Joint Global Coordinators, Mandated Lead Arrangers and Bookrunners on the Financing.

-END-

Important Regulatory Notice

This notice is for informational purposes only and does not constitute a prospectus or an offer to sell

or issue or the solicitation of an offer to buy or subscribe for any securities in the United States or

any other jurisdiction.

This press release may include projections and other “forward-looking” statements within the

meaning of applicable securities laws. Any such projections or statements reflect the current views

of the company about further events and financial performance. No assurances can be given that

such events or performance will occur as projected and actual results may differ materially from

these projections.

Enquiries

Investor Relations

This email address is being protected from spambots. You need JavaScript enabled to view it.

Media

Brunswick Group LLP

+44 207 404 5959

This email address is being protected from spambots. You need JavaScript enabled to view it.