Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.10.0.1
LONG-TERM DEBT (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Components of Long-Term Debt

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

 

 

 

December 31,

 

 

 

2017

 

 

2018

 

Cinemark USA, Inc. term loan

 

$

659,517

 

 

$

652,922

 

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)

 

 

2,778

 

 

 

1,389

 

Total long-term debt

 

 

1,817,295

 

 

 

1,809,311

 

Less current portion

 

 

7,099

 

 

 

7,984

 

Less debt issuance costs, net of accumulated amortization of $25,549 and $30,289, respectively

 

 

29,815

 

 

 

28,700

 

Long-term debt, less current portion

 

$

1,780,381

 

 

$

1,772,627

 

 

(1)

Represents debt owed to NCM in relation to the joint venture AC JV, LLC. See Note 7.

Amendment of Credit Agreement

Cinemark USA, Inc. made the following amendments to its Credit Agreement as follows during 2016, 2017 and 2018:

 

 

 

 

 

Debt Issue

 

 

Loss on Debt

 

Effective Date

 

Nature of Amendment

 

Costs Paid (1)

 

 

Amendment (2)

 

June 13, 2016

 

Reduced term loan interest rate by 0.25%

 

$

783

 

 

$

249

 

December 15, 2016

 

Reduced term loan interest rate by 0.50%

 

$

2,446

 

 

$

161

 

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, 2018 matures as follows:

 

2019

 

$

7,984

 

2020

 

 

6,595

 

2021

 

 

6,595

 

2022

 

 

406,595

 

2023

 

 

761,595

 

Thereafter

 

 

619,947

 

Total

 

$

1,809,311

 

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, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value at

 

Notional

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

Amount

 

 

Effective Date

 

Pay Rate

 

 

Receive Rate

 

Expiration Date

 

2018 (1)

 

$

175,000

 

 

December 31, 2018

 

2.751%

 

 

1-Month LIBOR

 

December 31, 2022

 

$

1,983

 

$

137,500

 

 

December 31, 2018

 

2.765%

 

 

1-Month LIBOR

 

December 31, 2022

 

$

1,624

 

$

137,500

 

 

December 31, 2018

 

2.746%

 

 

1-Month LIBOR

 

December 31, 2022

 

$

1,486

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

5,093

 

(1)

Included in other long-term liabilities on the consolidated balance sheet as of December 31, 2018.