CIT Northbridge Credit, as advised by First Citizens Institutional Asset Management, provided a $55 million revolving credit facility to National CineMedia to support the company’s emergence from Chapter 11 bankruptcy.
National CineMedia operates a cinema advertising platform in North America, delivering video and digital marketing solutions to clients. The company recently completed a financial restructuring process and emerged from Chapter 11 bankruptcy after facing significant challenges due to movie theater closures and limited movie releases during the COVID-19 pandemic.
“We appreciate the streamlined financing process employed by CIT Northbridge,” Ronnie Ng, CFO at National CineMedia, said. “CIT Northbridge understands our unique market position and developed financing tailored to our needs and our renewed focus on providing best-in-class advertising solutions and innovative data technology to our customers.”
“National CineMedia’s strategic growth plans are reinforced by their nationwide footprint, competitive service offerings and strong industry partnerships,” Neal Legan, who leads the team that advises CIT Northbridge Credit, said. “We are pleased to provide this financing to support National CineMedia’s business endeavors.”
