Cineworld has raised $213m (£155m) convertible bond to cope with the continued disruption of Covid-19.
The bond will give the cinema group a “significant liquidity buffer” as it reopens its theatres across the world, CEO Mooky Greidinger said.
Cinemas have been one of the worst hit industries in the world, with UK & Ireland revenues at Cineworld down 76.3% to £153m.
Cinemas are set to reopen on 17 May, according to the government’s reopening roadmap.
The group suffered an operating loss of $2.2bn (£1.6bn) in 2020.
Overall it has raised $810.8m (£593m) in additional liquidity throughout the year.
Cineworld said it anticipates “strong pent-up demand” for out-of-home entertainment, with encouraging signs from re-opened markets in China, Japan and Australia.
The group said it may need to raise additional liquidity if further restrictions were introduced.
Precis
Cineworld secures ‘significant liquidity buffer’ after major losses
Cineworld has raised $213m (£155m) in convertible bonds to cope with the continued disruption of Covid-19. The bond will give the cinema group a “significant liquidity buffer” as it reopens its theatres across the world, CEO Mooky Greidinger said. Cinemas have been one of the worst hit industries in the world, with UK & Ireland revenues at Cineworld down 76.3% to £153m. The group suffered an operating loss of $2.2bn (£1.6bn) in 2020 worldwide.
