Carmike Cinemas, Inc. (NASDAQ: CKEC) today announced its plan to
recapitalize its balance sheet, including an unregistered offering of
$210 million aggregate principal amount of Senior Secured Notes due
2019, pursuant to Rule 144A and Regulation S under the Securities Act of
1933, as amended.
Carmike also expects to enter into a new $25 million senior
secured revolving credit facility to replace its existing revolving
credit facility. Carmike expects the new credit facility to remain
undrawn at closing.
The net proceeds from the offering will be used to retire Carmike’s
existing term loan and to pay related fees and expenses, and any
remaining net proceeds will be used for working capital and other
general corporate purposes.
The notes will not be registered under the Securities Act or the
securities laws of any state and may not be offered or sold in the
United States absent registration or an applicable exemption from the
registration requirements under the Securities Act and any applicable
state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the notes, nor shall it constitute an
offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale is unlawful.
About Carmike Cinemas (www.carmike.com)
Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema
deployments and one of the nation’s largest motion picture exhibitors.
As of December 31, 2011, Carmike had 237 theatres with 2,254 screens in
35 states. Carmike’s digital cinema footprint reached 2,128 screens,
including 210 theatres with 744 screens that are also equipped for 3-D.
Carmike’s focus for its theatre locations is small to mid-sized
Disclosure Regarding Forward-Looking Statements
This press release and other written or oral statements made by or on
behalf of Carmike Cinemas, Inc. (the “Company”) contain forward-looking
statements within the meaning of the federal securities laws. Statements
that are not historical facts, including statements about our beliefs,
expectations and future performance, are forward-looking statements.
Forward-looking statements include statements preceded by, followed by
or that include the words, “believes,” “expects,” “anticipates,”
“plans,” “estimates” or similar expressions.