Mr. Mahsa Rejali reports

CINEPLEX ANNOUNCES COMPLETION OF COMPREHENSIVE REFINANCING

Cineplex Inc. has closed its previously announced private placement offering of $575-million aggregate principal amount of 7.625 per cent senior secured notes due March 31, 2029, as well as the other aspects of its comprehensive refinancing originally announced on Feb. 8, 2024.

Other elements of the company's comprehensive refinancing plan which were also completed today are as follows:

• The company redeemed in full its existing 7.5 per cent senior secured second lien notes due Feb. 26, 2026, using a portion of the proceeds from the note offering.
• The company repaid in full and terminated the eighth amended and restated credit agreement dated Dec. 13, 2023, with The Bank of Nova Scotia using a portion of the proceeds from the notes offering. The company has also entered into a new $100-million covenant-lite revolving credit facility with a maturity date of March 4, 2027, with a syndicate of banks led by The Bank of Nova Scotia.
• Amendments to the company's 5.75 per cent convertible unsecured subordinated debentures due Sept. 30, 2025, have been approved in writing by holders of approximately 89 per cent of the outstanding convertible debentures. Accordingly, the debentureholder meeting scheduled for March 14, 2024, in respect of the amendments has been cancelled. The first supplemental indenture giving effect to the amendments was executed on March 4, 2024. All of the amendments are effective as of March 4, 2024, other than the change in interest rate from 5.75 per cent to 7.75 per cent and the redesignation of the convertible debentures to be 7.75 per cent convertible unsecured subordinated debentures due March 1, 2030, which shall become effective as of April 1, 2024.
• The amendments include a partial redemption of $100-million principal amount of the convertible debentures on a pro rata basis. The record date for the partial redemption is March 7, 2024, and the redemption date is March 11 , 2024. Only holders of convertible debentures on the record date will participate in the partial redemption. On the redemption date, approximately 31.6 per cent of the convertible debentures held by holders on the record date will be redeemed for a total payment (per $1,000 principal amount of the redeemed convertible debentures) of approximately $1,049.11 (comprising a principal repayment of $1,000, a premium of $23.50 and an interest payment of approximately $25.61). Following completion of the partial redemption, there will be an aggregate of $216.25-million principal amount of convertible debentures outstanding. The partial redemption will be funded using a portion of the proceeds from the note offering.

Each of (i) the trust indenture governing the notes, (ii) the supplemental indenture, and (iii) the credit agreement governing the new credit facility will be filed on the company's profile on SEDAR+.

The notes offering was underwritten by BMO Capital Markets and Scotiabank, as joint active bookrunning managers, in a syndicate that also included RBC Capital Markets and TD Securities, as joint bookrunning managers, and CIBC Capital Markets and Canaccord Genuity Corp., as co-managers.

About Cineplex Inc.

Cineplex is a top-tier Canadian brand that operates in the film entertainment and content, amusement and leisure, and media sectors. Cineplex offers a unique escape from the everyday to millions of guests through its circuit of over 170 movie theatres and location-based entertainment venues.

We seek Safe Harbor.