National Amusements Plans Notes to Replace Credit Line
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National Amusements Inc., the movie-theater and holding company controlled by billionaire Sumner Redstone, plans to sell $390 million of seven-year notes to refinance a bank credit line.
The senior secured issue may be sold as soon as next week, according to a person familiar with the transaction. The notes will have a provision allowing up to 10 percent of the debt to be redeemed at 103 percent annually during the first three years, after which time all of it can be called, said the person, who declined to be identified because terms aren’t set.