Cineworld Group plc’s $213 Million Guaranteed Convertible Bonds Offer

Slaughter and May advised Cineworld Group plc on the deal.

Cineworld Group plc issued $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.

Slaughter and May’s team included David Johnson (Picture), Partner, Harry Hecht, Partner, Sophie Winton, Associate, Guy O’Keefe, Partner, Kevin Howes, Associate, Ryan Law, Associate, Gareth Miles, Partner, Jamshed Bilimoria, Associate.

Involved fees earner: Jamshed Bilimoria – Slaughter and May; Harry Hecht – Slaughter and May; Kevin Howes – Slaughter and May; David Johnson – Slaughter and May; Ryan Law – Slaughter and May; Gareth Miles – Slaughter and May; Guy O’Keefe – Slaughter and May; Sophie Winton – Slaughter and May;

Law Firms: Slaughter and May;

Clients: Cineworld Group;

Author: Federica Tiefenthaler