Shares of Cinemark Holdings Inc. (CNK) are rising more than 8 percent or $0.90 in Thursday’s morning trade at $12.05.
Wednesday, Cinemark said it priced $400 million aggregate principal amount of its 4.50% convertible senior notes due 2025 in a private offering to persons believed to be qualified institutional buyers. The movie theatre company has also granted the initial purchasers of the notes a 13-day option to purchase up to an additional $60 million of the notes. The offering is expected to close on August 21.
Cinemark intends to use $45.8 million of net proceeds from the offering to pay the cost of the convertible note hedge transactions and any remaining net proceeds for general corporate purposes.
Cinemark Holdings has traded in a range of $5.71 to $39.81 in the past 52 weeks.
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