Long-term debt of Holdings consisted of the following for the periods presented:


	March 31,		December 31,
	2023		2022
Cinemark Holdings, Inc. 4.50% convertible senior notes due 2025	$	460.0	$	460.0
Cinemark USA, Inc. term loan due 2025		624.9		626.5
Cinemark USA, Inc. 8.75% senior secured notes due 2025		250.0		250.0
Cinemark USA, Inc. 5.875% senior notes due 2026		405.0		405.0
Cinemark USA, Inc. 5.25% senior notes due 2028		765.0		765.0
Other		9.7		10.1
Total long-term debt carrying value (1)	$	2,514.6	$	2,516.6
Less: Current portion		110.0		10.7
Less: Debt issuance costs, net of accumulated amortization (1)		29.2		31.9
Long-term debt, less current portion, net of unamortized debt issuance costs (1)	$	2,375.4	$	2,474.0

(1)

The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $460.0 4.50% Convertible Senior Notes due 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA.


	March 31,		December 31,
	2023		2022
Total long-term debt carrying value	$	2,054.6	$	2,056.6
Less: Current portion		110.0		10.7
Less: Debt issuance costs, net of accumulated amortization		21.1		22.9
Long-term debt, less current portion, net of unamortized debt issuance costs	$	1,923.5	$	2,023.0

CUSA has a senior secured credit facility that includes a $700.0 term loan and a $100.0 revolving credit line (the “Credit Agreement”) which is guaranteed by Holdings. As of March 31, 2023, there was $624.9 outstanding under the term loan and no borrowings were outstanding under the revolving credit line. As of March 31, 2023, $100.0 was available for borrowing under the revolving credit line. Quarterly principal payments of $1.6 are due on the term loan through December 31, 2024, with a final principal

payment of $613.4 due on March 29, 2025. The revolving credit line matures on November 28, 2024. The average interest rate on outstanding term loan borrowings under the Credit Agreement as of March 31, 2023 was approximately 4.6% per annum, after giving effect to the interest rate swap agreements discussed below.

On March 30, 2023, CUSA sent a notice of optional partial redemption to Computershare Trust Services, N.A. (successor to Wells Fargo Bank, N.A.) (the “Trustee”) to redeem $100 in principal amount of the 8.75% Secured Notes on May 1, 2023 (the “Redemption Date”) at a cash redemption price equal to 102.188% of the principal amount redeemed plus any accrued and unpaid interest thereon to the Redemption Date. Following the redemption, $150 in aggregate principal amount of the 8.75% Secured Notes will remain outstanding. See further discussion at Note 19. For additional discussion of the 8.75% Secured Notes, see Note 14 to the Company’s consolidated financial statements for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed February 24, 2023.

The Company’s interest rate swap agreements are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan debt and qualify for cash flow hedge accounting. Below is a summary of the Company's interest rate swap agreements, which are designated as cash flow hedges, as of March 31, 2023:


Notional						Estimated
Amount		Effective Date	Pay Rate	Receive Rate	Expiration Date	Fair Value (1)
$	137.5	December 31, 2018	2.12%	1-Month LIBOR	December 31, 2024	$	5.1
$	175.0	December 31, 2018	2.12%	1-Month LIBOR	December 31, 2024		6.5
$	137.5	December 31, 2018	2.19%	1-Month LIBOR	December 31, 2024		5.0
					Total	$	16.6

(1)

Approximately $11.2 of the total is included in prepaid expenses and other and $5.4 is included in deferred charges and other assets, net on the condensed consolidated balance sheet as of March 31, 2023.

The fair values of the interest rate swaps are recorded on Holdings' and CUSA's condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and, under this approach, the Company used projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company's measurements use significant unobservable inputs, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35. The Company is currently assessing the impact of reference rate reform, as well as the impact of ASU 2020-04, ASU 2021-01 and ASU 2022-06, on the Company’s interest rate swaps.

The Company estimates the fair value of its long-term debt primarily using quoted market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by ASC 820, Fair Value Measurement (“ASC Topic 820”). The table below presents the fair value of the Company's long-term debt as of the periods presented:


	As of
	March 31, 2023		December 31, 2022
Holdings fair value (1)	$	2,509.8	$	2,210.5
CUSA fair value	$	1,925.7	$	1,771.3

(1)

The fair value of the 4.50% convertible senior notes was $584.1 and $439.2 as of March 31, 2023 and December 31, 2022, respectively.