Cinemark Investor Presentation
Capital Structure and Allocation
CINEMARK™
Our balance sheet remains a strategic asset and key differentiator, providing ample flexibility
(in $ millions)
Long-term debt 1)
Cash balance
Net Debt
TTM Adj. EBITDA
Net Debt/ Adj. EBITDA
.
•
As of Dec. 31, 2023
$2,432
$849
•
$1,583
$594
2.7x
•
•
•
•
Covenant-lite debt
Company has a history of proactively managing debt with nearest maturity in
2025
Redeemed $100M of 8.75% Senior Secured Notes due May 2025
• Successfully refinanced credit facility, securing $650M term loan maturing in
2030 and upsizing revolver to $125M maturing in 2028
Repaid all remaining deferred lease obligations incurred over the course of
the pandemic
Continued to invest in high-confidence ROI initiatives with $149M of CapEx
deployed during 2023
Focus on sustaining net leverage ratio of 2.0 - 3.0x, dependent upon timing
and extent of box office recovery, as well as strategic investment
opportunities
1)
223
The company has an undrawn revolver of $125M; Gross long-term debt excluding capital lease obligations
Historic net leverage ratio ~2.0-2.5x
Over 90% of debt at fixed rate
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