Daily News: July 7, 2014

Barclays Agents Financing to Support NCM Acquisition

National CineMediaand National CineMedia (NCMI), the managing member and owner of 45.8% of NCM, announced that NCM has amended its senior secured credit facility and that NCMI, has obtained commitments to finance its merger with Screenvision.

The company said it received committed financing with certain existing NCM revolving credit facility lenders for an aggregate $250 million term loan for the Screenvision merger. According to a related 8-K filing, Barclays Bank served as administrative agent for the lender group.

The company previously announced its plans to merge with Screenvision for $375 million ($225 million in cash and $150 million in shares of NCMI common stock). The NCMI term loan is expected to finance the $225 million portion of the merger consideration that will be paid in cash, along with fees and expenses incurred in connection with the term loan and merger. The merger is subject to regulatory approvals and the satisfaction of other customary closing conditions.

On June 18, 2014, NCM expanded the borrowing capacity of its revolving credit facility by $25 million, to a total of $149 million. In addition, on July 2, 2014, NCM entered into an amendment to its senior secured credit facility that extends the maturity date of $135 million of NCM LLC’s revolving credit facility by two years to November 26, 2019 (to correspond to the final maturity of the NCM LLC existing $270 million term loan maturity date). The maturity date on the remaining $14 million of the revolving credit facility continues to be December 31, 2014.

Centennial, CO-based National CineMedia (NCM) operates NCM Media Networks, an integrated media company reaching U.S. consumers in movie theaters, online and through mobile technology.