National CineMedia, Inc., managing member and owner of 48.3 percent of the cinema advertising network National CineMedia, LLC, has received new revolving loan commitments in the amount of $50 million, the entire amount of which was drawn on January 5.
NCM LLC also entered into an amendment to its existing credit agreement to extend the suspension of its consolidated net senior secured leverage ratio and consolidated net total leverage ratio financial covenants until and including the fiscal quarter ending on or about December 29, 2022, and to revise the applicable financial covenant ratios for the fiscal quarters beginning March 30, 2023, through and including the quarter ending on or about September 28, 2023.
The agreement amendment also extends the limitations established by the previous credit agreement amendments through December 28, 2023, regarding NCM LLC’s ability, among other things, to make distributions with available cash to the parent company.
National CineMedia, Inc. had a cash balance of $143.1 million ($99.7 million at NCM LLC) as of January 5.
National CineMedia www.ncm.com