- A lender group of in-theater advertising name National CineMedia ( NASDAQ: NCMI ) has hired Centerview Partners to explore options, Bloomberg reports, amid an environment of movie-theater uncertainty and some approaching debt maturities.
- NCMI reported some bounceback revenues of $67M in the second quarter vs. an easy COVID-19 pandemic comparison.
- But it has about $73M in cash and equivalents against more than $900M in long-term debt at last report - and the domestic box office is in the midst of a lengthy lull in new offerings .
- The company has revolving credit due in June, and Standard & Poor's estimates that debt will be about 14 times earnings this year. Meanwhile, Bloomberg notes NCMI's first-lien term loan due 2025 is quoting around 73 cents on the dollar, down from 81 cents as of Aug. 8.
For further details see:
National CineMedia creditors tap banker to examine options for debt - Bloomberg