July 28, 2017 2:52 AM ET

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Company Overview of Regal Cinemas Corporation

Company Overview

Regal Cinemas Corporation, through its subsidiaries, owns and operates multi screen motion picture theatres in the United States. The company was incorporated in 2002 and is based in Knoxville, Tennessee. As of January 1, 2004, Regal Cinemas Corporation operates as a subsidiary of Regal Entertainment Holdings Inc.

7132 Regal Lane

Knoxville, TN 37918

United States

Founded in 2002

22,941 Employees

Phone:

865-925-9685

Fax:

865-925-7858

Key Executives for Regal Cinemas Corporation

Chief Financial Officer
Age: 47
Executive Vice President, General Counsel and Secretary
Age: 56
Compensation as of Fiscal Year 2017.

Regal Cinemas Corporation Key Developments

Regal Cinemas Corporation Enters into A Permitted Secured Refinancing and Incremental Joinder Agreement (The Refinancing Agreement) with Regal Entertainment Holdings, Inc

On June 6, 2017, Regal Cinemas Corporation entered into a permitted secured refinancing and incremental joinder agreement (the Refinancing Agreement) with Regal Entertainment Holdings Inc., the guarantors party thereto, Credit Suisse AG, as Administrative Agent (Credit Suisse) and the Lenders party thereto. The Refinancing Agreement further amends the terms of that seventh amended and restated credit agreement, dated April 2, 2015, by and among Regal Cinemas, Credit Suisse and the lenders party thereto from time to time (the Lenders), which was amended by that certain Permitted Secured Refinancing Agreement, dated as of June 1, 2016, and that certain Permitted Secured Refinancing Agreement, dated as of December 2, 2016 (as so amended, the “Amended Senior Credit Facility”). Prior to the Refinancing Agreement, the Amended Senior Credit Facility included a term loan facility with a final maturity date in April 2022 (the Existing Term Facility). Pursuant to the Refinancing Agreement, Regal Cinemas consummated a permitted secured refinancing of the Existing Term Facility, which had an aggregate principal balance of approximately $953.7 million, and in accordance therewith, the Lenders advanced term loans in an aggregate principal amount of approximately $953.7 million with a final maturity date in April 2022 (the refinanced term loans).  Together with other amounts provided by Regal Cinemas, proceeds of the Refinanced Term Loans were applied to repay all of the outstanding principal and accrued and unpaid interest on the Existing Term Facility under the Amended Senior Credit Facility in effect immediately prior to the making of the Refinanced Term Loans. Pursuant to the Refinancing Agreement, Regal Cinemas also exercised the “accordion” feature under the Amended Senior Credit Facility to increase the aggregate amount of term loans thereunder by $150.0 million (the 2017 Accordion).  The accordion feature provides Regal Cinemas with the option to borrow additional term loans under the Amended Senior Credit Facility in an amount of up to $200.0 million, plus additional amounts as would not cause the consolidated total leverage ratio to exceed 3.00:1.00, in each case, subject to lenders providing additional commitments for such amounts and the satisfaction of certain other customary conditions. The entire $150.0 million under the 2017 Accordion was fully drawn on June 6, 2017 on the same terms as the Refinanced Term Loans (such amounts drawn, the Incremental Term Loans, and together with the Refinanced Term Loans, the New Term Loans). A portion of the proceeds of the Incremental Term Loans were used by Regal Cinemas to pay fees and expenses related to the Refinancing Agreement, with the remainder to be used for general corporate purposes of Regal Cinemas and its subsidiaries. The new term loans amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the New Term Loans, with the balance payable on the maturity date of the new term loans. The refinancing agreement also amends the amended senior credit facility by reducing the interest rate on the new term loans, by providing, at Regal Cinemas’ option, either a base rate or an adjusted LIBOR rate plus, in each case, an applicable margin.  Such applicable margin will be either 1.00% in the case of base rate loans or 2.00% in the case of LIBOR rate loans.  The refinancing agreement also provides for a 1% prepayment premium applicable in the event that Regal Cinemas enters into a refinancing or amendment of the new term loans on or prior to the six-month anniversary of the closing of the refinancing agreement that, in either case, has the effect of reducing the interest rate on the new term loans.

Regal Cinemas Corp. Resolves Legal Dispute with Landmark Theatres

Regal Entertainment Group unit Regal Cinemas Corp. resolved a legal dispute with Landmark Theatres over a clearance agreement affecting Landmark's Washington, D.C., theater. In an antitrust lawsuit filed in January 2016, Landmark accused Regal Cinemas of acting unfairly by denying blockbuster films to the Washington, D.C., theater, while letting its Gallery Place multiplex show them. As part of the settlement, Regal Cinemas agreed to drop clearance agreements in the areas that were being adversely affected.

Regal Cinemas Corporation Announces Permitted Secured Refinancing Agreement with Credit Suisse

Regal Cinemas Corporation entered into a permitted secured refinancing agreement with Regal Entertainment Holdings Inc., the guaranators party thereto, Credit Suisse AG, as Administrative Agent and the Lenders party thereto. The Refinancing Agreement amends the terms of that seventh amended and restated credit agreement, dated April 2, 2015, by and among Regal Cinemas, Credit Suisse and the lenders party thereto from time to time, which includes a term loan facility. Pursuant to the Refinancing Agreement, Regal Cinemas consummated a permitted secured refinancing of the Existing Term Facility, which had an aggregate principal balance of approximately $958.5 million, and in accordance therewith, the Lenders advanced term loans in an aggregate principal amount of approximately $958.5 million with a final maturity date in April 2022. Together with other amounts provided by Regal Cinemas, proceeds of the New Term Loans were applied to repay all of the outstanding principal and accrued and unpaid interest on the Existing Term Facility under the Amended Senior Credit Facility in effect immediately prior to the making of the New Term Loans. The New Term Loans amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the New Term Loans, with the balance payable on the maturity date of the New Term Loans. The Refinancing Agreement also amends the Amended Senior Credit Facility by reducing the interest rate on the New Term Loans, by providing, at Regal Cinemas' option, either a base rate or an adjusted LIBOR rate plus, in each case, an applicable margin. Such applicable margin will be either 1.75% in the case of base rate loans or 2.75% in the case of LIBOR rate loans. The Refinancing Agreement also provides for a 1.0% prepayment premium applicable in the event that Regal Cinemas enters into a refinancing or amendment of the New Term Loans on or prior to the sixth-month anniversary of the closing of the Refinancing Agreement that, in either case, has the effect of reducing the interest rate on the New Term Loans.

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