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.”