Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.8.0.1
LONG-TERM DEBT (Tables)
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Components of Long-Term Debt

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

 

 

 

December 31,

 

 

 

2016

 

 

2017

 

Cinemark USA, Inc. term loan

 

$

663,799

 

 

$

659,517

 

Cinemark USA, Inc. 4.875% senior notes due 2023

 

 

755,000

 

 

 

755,000

 

Cinemark USA, Inc. 5.125% senior notes due 2022

 

 

400,000

 

 

 

400,000

 

Other (1)

 

 

4,167

 

 

 

2,778

 

Total long-term debt

 

 

1,822,966

 

 

 

1,817,295

 

Less current portion

 

 

5,671

 

 

 

7,099

 

Less debt issuance costs, net of accumulated amortization of $19,364 and $25,549, respectively

 

 

34,854

 

 

 

29,815

 

Long-term debt, less current portion

 

$

1,782,441

 

 

$

1,780,381

 

 

(1)

Primarily represents debt owed to NCM in relation to the recently-formed joint venture AC JV, LLC. See Note 6.

Amendment of Credit Agreement

Cinemark USA, Inc. amended its Credit Agreement as follows during 2016 and 2017:

 

 

 

 

 

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

 

 

 

(1)

Reflected as a reduction of long term debt on the consolidated balance sheet as of December 31, 2016 and 2017.  

(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, 2017 matures as follows:

 

2018

 

$

7,099

 

2019

 

 

7,099

 

2020

 

 

5,710

 

2021

 

 

5,710

 

2022

 

 

1,036,677

 

Thereafter

 

 

755,000

 

Total

 

$

1,817,295