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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2021-02-22 C$ 13.64
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FP/wire say Cineplex sells $250M in unrated bonds

2021-02-22 08:08 ET - In the News

The Financial Post reports in its Saturday, Feb. 20, edition that Cineplex sold its $250-million of unrated bonds at a lower yield than previously offered after seeing strong demand from investors seeking to play the economic recovery trade. A Bloomberg dispatch to the Post reports that unnamed sources say Cineplex priced the second-lien secured senior notes due 2026 to yield 7.5 per cent. That, according to sources, compares with an earlier guidance between 7.5 per cent and 7.75 per cent, and preliminary discussions with investors Thursday for 8 per cent to 8.25 per cent. The transaction comes as investors worldwide are positioning for a postpandemic reopening as countries execute COVID-19 vaccination campaigns. Algonquin Capital manager Alex Schwiersch says, "The Cineplex transaction shows even businesses directly affected by COVID restrictions can access capital." He adds, "These bonds provide the liquidity to help bridge the gap between now and recovery and with regard to the recovery, people have been forecasting the death of cinema since the first black and white televisions showed up in the 1950s living room." Cineplex bookrunners garnered orders for five times the deal's size.

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