Carmike Cinemas, Inc. (NASDAQ: CKEC) today announced the pricing of its previously announced unregistered offering of $210 million aggregate principal amount of 7.375% Senior Secured Notes Due 2019, pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended. The notes were priced at par and will bear an interest rate of 7.375% per annum payable semi-annually on May 15 and November 15, beginning on November 15, 2012. Carmike expects to close the offering of the notes on or about April 27, 2012, subject to the satisfaction of customary closing conditions.
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 communities.