Slaughter and May is advising Cineworld Group plc (Cineworld) on an issuance of $213 million of unsubordinated Guaranteed Convertible Bonds due 2025 (the Bonds).
The Bonds will be privately placed with a select group of leading institutional investors. The net proceeds of the issuance of the Bond will provide further liquidity for the Cineworld group in the event of continued disruption as a result of COVID-19.
In parallel, Cineworld announced it was convening a general meeting to seek shareholder approval of a resolution temporarily suspending the borrowing limit in Cineworld’s Articles of Association. The raising of any debt by Cineworld (including issuance of the Bonds) will be subject to approval of this resolution by Cineworld’s shareholders.
Slaughter and May advised Cineworld as a combined team with Mourant Ozannes, acting in relation to matters of Jersey law.
