Bank of Ireland supports Cineworld in its plans to Boldly Go

Bank of Ireland supports Cineworld in its plans to Boldly Go

Bank of Ireland supports Cineworld Group plc move into the US with the purchase of Regal Entertainment Group

Cineworld Group plc is a leading international cinema operator that prior to the acquisition had 232 sites in 9 countries. Having very successfully integrated Cineworld and Cinema City following the 2014 merger, it has embarked on the next phase of its strategy. The purchase of Regal Cinemas adds a further 560 sites and allows the group to apply its operational excellence to a business with an existing strong foothold in the key US market.

Bank of Ireland’s Consumer Industries team has provided a USD 45m commitment to Cineworld, as part of a total fund raising of USD 4,375m split between term loans and revolving facilities.

Commenting on the transaction, CFO of Cineword Group, Nisan Cohen said: “We are pleased to have re-established our relationship with Bank of Ireland and we look forward to working with the team. It is great to have a lending partner with a strong knowledge of the sector.”

This sentiment was echoed by Stuart Russell, Head of Consumer Industries at Bank of Ireland, saying: “We are delighted to support Cineworld with this transaction. Management have clearly demonstrated an ability to provide a quality product with mass appeal and we look forward to watching them make their mark in the US.”

 
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