Marcus Corp. closes $100M senior notes private placement, repurchases $86.4M convertible notes

MARCUS CORP

Issued $60M in 6.89% senior notes due 2031 and $40M in 7.02% senior notes due 2034.
Net proceeds used to repurchase $86.4M of 5.00% Convertible Senior Notes due 2025.
Two repurchase tranches: $40M closed June 14; $46.4M closing ~July 16, 2024.
Final cash cost of repurchases net of capped call unwind is $87.9M; $13.649M convertible notes remain outstanding.
Refinancing extends maturities, simplifies capital structure, and eliminates potential dilution from convertibles.

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