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Cineworld secures new debt deal ahead of July cinema reopening

Other cinema chains are beginning to re-open around the world, which will give an indication of the popularity of this method of watching films in the pandemic

Cineworld Group PLC -

Cineworld Group PLC (LON:CINE) has agreed a new US$250mln secured debt facility that matures in three years time as it heads into an uncertain future amid the coronavirus pandemic. 

The UK and US-focused cinema operator has arranged the terms of the new loan from a group of private institutional investors.

READ: What lies ahead for the movie business as lockdown is lifted? Will it be curtains for Cineworld?

It comes ahead of the planned reopening of all the group’s cinemas by the end of July and after it agreed US$110mln of extra liquidity with creditors in late May.

The company noted that other cinema chains were beginning to re-open around the world, which will give an indication of how popular this method of watching films will be in the pandemic.

Cineworld venues in the UK and US will start to show films from July 10, coinciding with the release of several blockbuster films, it said, including Tenet and Mulan, which have now been confirmed for release in the coming weeks.

The first of the group's cinemas to open will be in the Czech Republic and Slovakia on June 26, followed by Poland and Bulgaria on July 3, and Israel on July 9.

Quick facts: Cineworld Group PLC

Price: 46.53 GBX

AIM:CINE
Market: AIM
Market Cap: £638.76 m
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