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LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2023

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


	December 31,
	2022		2023
Cinemark Holdings, Inc. 4.50% convertible senior notes due 2025	$	460.0	$	460.0
Cinemark USA, Inc. term loan due 2030 (see Senior Secured Credit Facility below)		626.5		645.1
Cinemark USA, Inc. 8.75% senior secured notes due 2025		250.0		150.0
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		10.1		7.0
Total long-term debt carrying value (1)	$	2,516.6	$	2,432.1
Less: Current portion		10.7		7.8
Less: Debt issuance costs and original issue discount, net of accumulated amortization (1)		31.9		33.0
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1)	$	2,474.0	$	2,391.3

(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 million 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:


	December 31,
	2022		2023
Total long-term debt carrying value	$	2,056.6	$	1,972.1
Less: Current portion		10.7		7.8
Less: Debt issuance costs, net of accumulated amortization and original issue discount		22.9		27.5
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	2,023.0	$	1,936.8

Schedule of carrying values and fair values of debt instruments

The table below presents the fair value of the Company's long-term debt as of the periods presented:


	As of
	December 31, 2022		December 31, 2023
Holdings fair value (1)	$	2,210.5	$	2,460.3
CUSA fair value	$	1,771.3	$	1,903.8

(1)

The fair value of the 4.50% convertible notes was $439.2 and $556.5 as of December 31, 2022 and
2023, respectively.

Maturities of Long-Term Debt, Excluding Unamortized Debt Issuance Costs

Holdings' long-term debt, excluding unamortized debt issuance costs, at December 31, 2023 matures as follows:


2024	$	7.8
2025		617.7
2026		412.7
2027		7.7
2028		772.7
Thereafter		613.5
Total (1)	$	2,432.1

(1)

The only difference between the long-term debt maturity payments for Holdings, as presented above, and those for CUSA is the $460.0 repayment of Holdings’ 4.50% Convertible Senior Notes in 2025.

Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges

Below is a summary of the Company’s interest rate swap agreements designated as cash flow hedges as of December 31, 2023:


						Estimated
						Fair Value at
Notional						December 31,
Amount			Pay Rate	Receive Rate	Expiration Date	2023 (1)
$	137.5	(2)	2.15%	1-Month Term SOFR	December 31, 2024	$	3.5
$	137.5	(3)	2.08%	1-Month Term SOFR	December 31, 2024		3.5
$	175.0		3.20%	1-Month Term SOFR	December 31, 2026		2.9
					Total	$	9.9

(1)

Approximately $9.7 of the total is included in prepaid expenses and other and $0.2 is included in deferred charges on the consolidated balance sheet as of December 31, 2023.

(2)

In January 2024, the Company amended and extended one of its two then existing $137.5 notional amount interest rate swap agreements to amend the pay rate to 3.17% and extend the maturity date to December 31, 2027, effective January 31, 2024.

(3)

In February 2024, the Company amended and extended the second of its two then existing $137.5 notional amount interest rate swap agreements to amend the pay rate to 3.21% and extend the maturity date to December 31, 2026, effective February 29, 2024.