DCIP Gets Additional Funding of $220 Million

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Wed, 04/13/2011 - 20:00 -- Nick Dager

Digital Cinema Implementation Partners has announced that it has closed on a new $220 million term loan facility that will be utilized to deploy digital projection systems. The new debt has been rated Baa1 by Moody's Investors Services. I'm thrilled to make this announcement today which underscores the success of our digital rollout over the past year says Rich Manzione CEO of DCIP.  With this transaction we are one step closer to our goal of bringing digital projection technology and all of its benefits to movie-goers across North America. Combined with its original capital funding in March of 2010 DCIP has now successfully raised a total of $880 million which will be sufficient to complete the deployment of nearly 15 000 digital projection systems in the United States and Canada including screens operated by Regal Entertainment Group AMC Entertainment and Cinemark Holdings. For the new term loan facility J.P. Morgan Securities and GE Capital Markets served as co-lead arrangers and bookrunners. Barclays Capital and Credit Suisse were also bookrunners for the financing.  J.P. Morgan Securities acted as financial advisor to DCIP for the financing. DCIP has deployed more than 7 000 digital projection systems to more than 1 000 theatres since March 2010 and is tracking well ahead of its planned deployment schedule to digitize nearly 15 000 screens in the United States and Canada over the next several years.