Marketwire
TORONTO, ONTARIO--(Marketwired - Oct. 24, 2013) - Cineplex Inc. (TSX:CGX) ("Cineplex") today announced it has completed the acquisition of 24 Atlantic Canadian theatres from New Glasgow, Nova Scotia-based Empire Theatres Limited, for approximately $194 million, subject to closing adjustments.
Cineplex also announced it has signed a credit agreement with a syndicate of banks to amend and extend its current credit facilities, the terms of which were announced on October 21, 2013. The amended facility includes an extended five year term, with a total availability of $500 million, comprised of a $150 million five-year senior secured non-revolving term credit facility, and a $350 million five-year senior secured revolving credit facility. Cineplex drew on the revolving facility to fund the acquisition.
"We have realized our vision of making Cineplex a truly national, coast to coast company," said Ellis Jacob, President and CEO, Cineplex Entertainment. "Atlantic Canadians are accustomed to a high standard of theatre entertainment, and our goal is to make it even better -- with our SCENE loyalty program, Cineplex Tuesdays and the many other benefits of Cineplex ownership."
Cineplex will invest in its new locations and may add its proprietary UltraAVX auditoriums or VIP Cinemas to one or more of these theatres. Each of the theatres will be renamed Cineplex Cinemas, and residents will see exterior signage change in the coming months.
Theatre guests will be able to use valid Empire gift cards, corporate coupons and movie passes at each of Cineplex's new Atlantic Canadian locations for a period of six months from today.
Cineplex encourages guests to join the company's SCENE loyalty program, which provides members with an immediate 10 per cent discount on concession purchases, in addition to the ability to earn SCENE points with the purchase of tickets, concessions and items from CineplexStore.com. SCENE members also receive an additional 10 per cent discount on Cineplex Tuesday admissions.
To purchase movie tickets and access the latest showtimes, trailers, and movie news, download the Cineplex mobile app or visit us online at Cineplex.com. To rent or purchase digital movies, and to view one of the largest collections of UltraViolet movies in North America, visit CineplexStore.com.
Cineplex is Canada's largest theatre exhibitor, and with the addition of 24 theatres and 170 screens in Atlantic Canada, now operates 161 theatres and 1,635 auditoriums from coast to coast.
About Cineplex
Cineplex Inc. ("Cineplex") is one of Canada's leading entertainment companies and operates one of the most modern and fully digitized motion picture theatre circuits in the world. A top-tier Canadian brand, Cineplex operates numerous businesses including theatrical exhibition, food services, gaming, alternative programming (Front Row Centre Events), Cineplex Media, Cineplex Digital Solutions, Cineplex Digital Networks, and the online sale of home entertainment content through CineplexStore.com and on apps embedded in various electronic devices. Cineplex is also a joint venture partner in SCENE - Canada's largest entertainment loyalty program.
Cineplex is headquartered in Toronto, Canada, and operates 161 theatres and 1,635 auditoriums from coast to coast, through the following theatre brands: Cineplex Odeon, SilverCity, Galaxy Cinemas, Colossus, Coliseum, Scotiabank Theatres, Cineplex Cinemas, Cineplex VIP Cinemas, Famous Players and Cinema City. Cineplex also owns and operates the UltraAVX, Poptopia, and Outtakes brands. Cineplex trades on the Toronto Stock Exchange under the symbol CGX. More information is available at cineplex.com.