MAHWAH, N.J., March 31, 2011 /PRNewswire/ -- Digital Cinema Implementation Partners, LLC (DCIP) announced today that it has closed on a new $220 million term loan facility that will be utilized to deploy digital projection systems. The new debt has been rated Baa1 by Moody's Investors Services.
"I'm thrilled to make this announcement today, which underscores the success of our digital rollout over the past year," said Rich Manzione, CEO of DCIP. "With this transaction, we are one step closer to our goal of bringing digital projection technology and all of its benefits to movie-goers across North America."
Combined with its original capital funding in March of 2010, DCIP has now successfully raised a total of $880 million, which will be sufficient to complete the deployment of nearly 15,000 digital projection systems in the United States and Canada, including screens operated by Regal Entertainment Group, AMC Entertainment Inc. and Cinemark Holdings, Inc. For the new term loan facility, J.P. Morgan Securities LLC and GE Capital Markets, Inc. served as Co-Lead Arrangers and Bookrunners. Barclays Capital and Credit Suisse were also Bookrunners for the financing. J.P. Morgan Securities acted as financial advisor to DCIP for the financing.
DCIP has deployed more than 7,000 digital projection systems to more than 1,000 theatres since March 2010 and is tracking well ahead of its planned deployment schedule to digitize nearly 15,000 screens in the United States and Canada over the next several years.
About Digital Cinema Implementation Partners
Digital Cinema Implementation Partners, LLC is a joint venture owned equally by exhibition industry leaders AMC Entertainment Inc., Cinemark Holdings, Inc. and Regal Entertainment Group, representing more than 15,000 screens in the United States and Canada. Formed in February 2007 to facilitate the roll-out of a digital cinema infrastructure in the United States and Canada, the company is headquartered in Mahwah, N.J. with offices in Minneapolis and Denver.
Cautionary Language Concerning Forward-Looking Statements
The statements contained in this release that are not historical facts are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. These statements include our plans and our expectations regarding our rollout of digital projection equipment and the impact thereof on the moviegoing experience of theatre patrons and on the distribution of movies in digital format the projection of our rollout. DCIP cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of DCIP may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors, including the actual production, installation and quality of digital projection equipment, acceptance thereof by theater patrons and the actual production of movies in digital format and bookings thereof to converted screens. DCIP undertakes no obligation to update any forward-looking statements.
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SOURCE Digital Cinema Implementation Partners, LLC