Company Announcements

FOR IMMEDIATE RELEASE

2 September 2020

Cineworld Group plc ("Cineworld")

Refinancing by major shareholder of Cineworld

Cineworld announces that it has been informed by Global City Theatres B.V. ("GCT") that GCT has agreed the terms of a refinancing of the financial arrangements relating to its holding of c.275 million ordinary shares in Cineworld (representing 20.0% of Cineworld's issued share capital). 

As part of this refinancing, Sand Grove Capital Management LLP ("Sand Grove") will refinance the secured corporate loan facility previously provided to GCT by Barclays Bank PLC and HSBC Bank PLC, and GCT has agreed to provide a security package to Sand Grove which includes a charge over its holding of Cineworld shares. This grant of security will constitute a technical dealing by GCT and will be notified in accordance with the DTRs in due course. Following the refinancing, GCT is not required to make any debt service or amortisation payments for three years (absent customary specified events), nor is there any margining requirement.

As previously disclosed, shares in both GCT and its parent company Global City Holdings B.V. are held in trusts for the benefit of the children of Moshe Greidinger, CEO of Cineworld, and Israel Greidinger, Deputy CEO of Cineworld.  The Cineworld board is pleased to confirm that GCT remains a committed long-term holder of Cineworld ordinary shares and Moshe and Israel Greidinger remain committed to Cineworld as members of the senior management team and retain a significant family interest in Cineworld.

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