Annual report pursuant to Section 13 and 15(d)

Long-Term Debt (Tables)

v3.20.4
Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Components of Long-Term Debt

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

 

 

 

December 31,

 

 

 

2019

 

 

2020

 

Cinemark USA, Inc. term loan due 2025

 

$

646,327

 

 

$

639,731

 

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

 

Cinemark USA, Inc. 8.750% senior secured notes due 2025

 

 

 

 

 

250,000

 

Cinemark Holdings, Inc. 4.500% convertible senior notes due 2025

 

 

 

 

 

460,000

 

Other

 

 

 

 

 

23,169

 

Total long-term debt

 

 

1,801,327

 

 

 

2,527,900

 

Less current portion

 

 

6,595

 

 

 

18,056

 

Less:  Debt discounts and debt issuance costs, net of accumulated amortization

 

 

23,390

 

 

 

132,682

 

Long-term debt, less current portion, net of debt discounts and unamortized debt issuance costs

 

$

1,771,342

 

 

$

2,377,162

 

 

Summary of Borrowings of International Subsidiaries

During the year ended December 31, 2020, certain of the Company’s international subsidiaries borrowed an aggregate of USD $22,322 under various local loans.  Below is a summary of these loans:

 

 

Loan Amounts

 

 

 

 

 

 

 

 

 

Loan Description(s)

 

(in USD)

 

 

Interest Rates

 

 

Applicable Covenants

 

Maturity

Colombia (3 loans)

 

$

4,437

 

 

3.25% to 5.85% plus variable

 

 

Negative and ratio covenants

 

May 2023

September 2025

Peru loan

 

$

2,913

 

 

1.5%

 

 

Negative covenants

 

September 2023

Brazil (3 loans)

 

$

8,986

 

 

1.59% to 8.08%

 

 

Negative covenants

 

November 2021

October 2023

Chile loan

 

$

5,986

 

 

0.29%

 

 

Negative covenants

 

November 2023

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

The Company’s long-term debt, excluding unamortized debt issuance costs, at December 31, 2020 matures as follows:

 

2021

 

$

18,056

 

2022

 

 

413,068

 

2023

 

 

766,347

 

2024

 

 

6,886

 

2025

 

 

1,323,543

 

Thereafter

 

 

 

Total

 

$

2,527,900

 

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, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at

 

Notional

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

Amount

 

 

Effective Date

 

Pay Rate

 

 

Receive Rate

 

Expiration Date

 

2020 (1)

 

$

137,500

 

 

December 31, 2018

 

2.12%

 

 

1-Month LIBOR

 

December 31, 2024

 

$

9,905

 

$

175,000

 

 

December 31, 2018

 

2.12%

 

 

1-Month LIBOR

 

December 31, 2024

 

 

12,721

 

$

137,500

 

 

December 31, 2018

 

2.19%

 

 

1-Month LIBOR

 

December 31, 2024

 

 

10,416

 

$

150,000

 

 

March 31, 2020

 

0.57%

 

 

1-Month LIBOR

 

March 31, 2022

 

 

805

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

33,847

 

 

(1)

Approximately $9,516 is included in accrued other current liabilities and $24,331 is included in other long-term liabilities on the consolidated balance sheet as of December 31, 2020.