Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.19.3.a.u2
LONG-TERM DEBT (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Components of Long-Term Debt

As of December 31, long-term debt consisted of the following:

 

 

 

December 31,

 

 

 

2018

 

 

2019

 

Cinemark USA, Inc. term loan

 

$

652,922

 

 

$

646,327

 

Cinemark USA, Inc. 5.125% senior notes due 2022

 

 

400,000

 

 

 

400,000

 

Cinemark USA, Inc. 4.875% senior notes due 2023

 

 

755,000

 

 

 

755,000

 

Other

 

 

1,389

 

 

 

 

Total long-term debt

 

 

1,809,311

 

 

 

1,801,327

 

Less current portion

 

 

7,984

 

 

 

6,595

 

Less debt issuance costs, net of accumulated amortization of $30,289 and $35,599, respectively

 

 

28,700

 

 

 

23,390

 

Long-term debt, less current portion

 

$

1,772,627

 

 

$

1,771,342

 

 

Amendment of Credit Agreement

Cinemark USA, Inc. made the following amendments to its Credit Agreement as follows during 2017 and 2018:

 

 

 

 

 

Debt Issue

 

 

Loss on Debt

 

Effective Date

 

Nature of Amendment

 

Costs Paid (1)

 

 

Amendment (2)

 

June 16, 2017

 

Reduced term loan interest rate by 0.25%; modified certain definitions and other provisions in the Credit Agreement

 

$

521

 

 

$

190

 

November 28, 2017

 

Extended maturity of revolving credit line to December 2022; reduced the interest rate applicable to borrowings under the credit line

 

$

330

 

 

$

331

 

March 29, 2018

 

Extended maturity of term loan to March 2025; reduced term loan interest rate by 0.25%; reduced real property mortgage requirements

 

$

4,962

 

 

$

1,484

 

 

(1)

Reflected as a reduction of long term debt on the consolidated balance sheet.  

(2)

Reflected as a loss on debt amendments and refinancing on the consolidated statement of income for the year in which the amendments were effective.  

Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs

The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2019 matures as follows:

 

2020

 

$

6,595

 

2021

 

 

6,595

 

2022

 

 

406,595

 

2023

 

 

761,595

 

2024

 

 

6,595

 

Thereafter

 

 

613,352

 

Total

 

$

1,801,327

 

Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges

Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at

 

Notional

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

Amount

 

 

Effective Date

 

Pay Rate

 

 

Receive Rate

 

Expiration Date

 

2019 (1)

 

$

175,000

 

 

December 31, 2018

 

2.751%

 

 

1-Month LIBOR

 

December 31, 2022

 

$

6,213

 

$

137,500

 

 

December 31, 2018

 

2.765%

 

 

1-Month LIBOR

 

December 31, 2022

 

$

4,956

 

$

137,500

 

 

December 31, 2018

 

2.746%

 

 

1-Month LIBOR

 

December 31, 2022

 

$

4,826

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

15,995

 

(1)

Approximately $5,253 is included in accrued other current liabilities and $10,742 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2019.