NCMI amends credit agreements to add back professional fees in liquidity calculation

National CineMedia, Inc.

Minimum Liquidity Requirement remains $55M; professional fees paid after Jan 6, 2023, can be added to unrestricted cash.
Addback caps: $200K for local restructuring counsel and $250K for financial advisor retainer.
Breach of liquidity covenant has 5-business-day cure period, limited to 2 cures from Amendment No. 2 effective date.
Bi-weekly reporting of professional fees and addback amounts must be furnished to lenders and their advisors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

National CineMedia, Inc. amended Amendment No. 4 to Credit Agreement with JPMorgan Chase Bank, N.A. valued at Addback of specified professional fees paid by the Borrower during the period of January 6, 2023 thr (effective 2023-01-17).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: Addback of specified professional fees paid by the Borrower during the period of January 6, 2023 thr
Effective: 2023-01-17

Exact text from the filing

On January 17, 2023, National CineMedia, LLC (the “Borrower”) entered into (i) Amendment No. 4 (the “Credit Agreement Amendment”) to its Credit Agreement, dated as of June 20, 2018, among the Borrower, the several banks and other financial institutions or entities from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as previously amended (the “Credit Agreement”) and (ii) Amendment No. 1 to its Revolving Credit Agreement dated as of January 5, 2022, among the Borrower, lender parties thereto and Wilmington Savings Fund Society, FSB, as administrative agent (the “Revolving Credit Agreement Amendment”). The Credit Agreement Amendment and Revolving Credit Agreement Amendment provide for the addback of specified professional fees paid by the Borrower during the period of January 6, 2023 through the date the Borrower delivers a compliance certificate for the quarter ending on or about December 28, 2023, when calculating the sum of unrestricted cash on ha

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

National CineMedia, Inc. amended Amendment No. 1 to Revolving Credit Agreement with Wilmington Savings Fund Society, FSB valued at Addback of specified professional fees paid by the Borrower during the period of January 6, 2023 thr (effective 2023-01-17).

Action: amendment
Agreement: credit facility
Counterparty: Wilmington Savings Fund Society, FSB
Value: Addback of specified professional fees paid by the Borrower during the period of January 6, 2023 thr
Effective: 2023-01-17

Exact text from the filing

On January 17, 2023, National CineMedia, LLC (the “Borrower”) entered into (i) Amendment No. 4 (the “Credit Agreement Amendment”) to its Credit Agreement, dated as of June 20, 2018, among the Borrower, the several banks and other financial institutions or entities from time to time parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent, as previously amended (the “Credit Agreement”) and (ii) Amendment No. 1 to its Revolving Credit Agreement dated as of January 5, 2022, among the Borrower, lender parties thereto and Wilmington Savings Fund Society, FSB, as administrative agent (the “Revolving Credit Agreement Amendment”). The Credit Agreement Amendment and Revolving Credit Agreement Amendment provide for the addback of specified professional fees paid by the Borrower during the period of January 6, 2023 through the date the Borrower delivers a compliance certificate for the quarter ending on or about December 28, 2023, when calculating the sum of unrestricted cash on ha

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119 material agreements filed in the last 30 days. Browse all material agreements →

National CineMedia, Inc. filing history →

Source: SEC EDGAR

accession 0001377630-23-000004

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