Cinemark files for IPO, aims for $400 mil
EmptyCinemark Holdings Inc., the third-largest U.S. movie exhibitor, said that it intends to earn $400 million from an initial public offering. The Plano, Texas-based company filed its registration statement Thursday with the U.S. Securities and Exchange Commission, declaring that the company intends to use the net proceeds from the offering to repay outstanding debt, for working capital and other general corporate purposes.
Lehman Brothers will underwrite the proposed public offering.
The company owns 281 theaters and 3,523 screens in 37 states. Cinemark also owns 115 theaters and 965 screens in 12 countries in Latin America.
Cinemark is the third exhibition company to file for an IPO in the past few months. AMC Entertainment, which purchased Loews Entertainment last year, filed for its IPO in mid-December, and National Cinemedia, the onscreen advertiser co-owned by Regal Entertainment, AMC Entertainment and Cinemark, filed in October.
Cinemark previously filed for an IPO in 2002 but in 2004 took the proposal off the table when Madison Dearborn Partners purchased a significant stake of the company for $1.5 billion.
Cinemark intends to list its shares on the New York Stock Exchange under the proposed trading symbol "CNK."