Cases & Deals

Largest Cineworld shareholder refinances

Client(s) Global City Theatres B.V.

Jones Day advised Global City Theatres B.V., (GCT), the largest shareholder of Cineworld Group plc (Cineworld), Regal in the U.S., as lead counsel on its debt refinancing and related capital market aspects. The transaction involved (i) the restructuring of GCT’s margin loan facility provided by Barclays Bank PLC and HSBC Bank PLC into a new corporate facility; and (ii) the sale of c.108 million ordinary shares in Cineworld to a Sovereign Wealth fund and a bank, representing c7.9% of Cineworld’s total issued share capital (leaving GCT with c. 275 million ordinary shares in Cineworld representing 20.0% of Cineworld’s issued share capital). Cineworld/Regal is the second-largest cinema in the world, with 9,500 screens and a 2019 revenue of over US$4.3 billion.