secwatch.observer — SEC 8-K summary
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Issuer:     National CineMedia, Inc. (NCMI)
CIK:        0001377630
Form:       8-K
Filed at:   2026-09-21T12:03:44+00:00
Accession:  0001193125-26-396098
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 1.02, 2.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NCM closes $275M acquisition of Captivate, creating 48,000-screen ad platform
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- Acquired 100% of Captivate for $275M cash, funded via new $275M term loan and $25M revolver ($10M drawn).
- New credit facilities: 7.00% SOFR margin, 6.00% base rate, maturity Sept 18 2031, max 5.00:1.0 leverage.
- Repaid and terminated existing U.S. Bank facility; liens and guarantees released.
- Combined platform: 48,000 digital screens across 185 DMAs, including all top 100.
- Captivate financials and pro forma data to be filed by amendment within 71 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1377630/000119312526396098/0001193125-26-396098-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1377630/000119312526396098/ncmi-20260918.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-396098

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer