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Long Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

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


	September 30,		December 31,
	2024		2023
Cinemark Holdings, Inc. 4.50% convertible senior notes due August 2025	$	460.0	$	460.0
Cinemark USA, Inc. term loan due May 2030		640.3		645.1
Cinemark USA, Inc. 8.75% senior secured notes due May 2025		—		150.0
Cinemark USA, Inc. 5.875% senior notes due March 2026		—		405.0
Cinemark USA, Inc. 5.25% senior notes due July 2028		765.0		765.0
Cinemark USA, Inc. 7.00% senior notes due August 2032		500.0		—
Other		—		7.0
Total long-term debt carrying value (1)	$	2,365.3	$	2,432.1
Less: Current portion, net of unamortized debt issuance costs		463.4		7.8
Less: Debt issuance costs and original issue discount, net of accumulated amortization (1)		31.5		33.0
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1)	$	1,870.4	$	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 4.50% Convertible Senior Notes due August 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.


	September 30,		December 31,
	2024		2023
Total long-term debt carrying value	$	1,905.3	$	1,972.1
Less: Current portion		6.4		7.8
Less: Debt issuance costs and original issue discount, net of accumulated amortization		28.5		27.5
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	1,870.4	$	1,936.8

4.50% Convertible Senior Notes

As further discussed in Note 14 to the Company’s consolidated financial statements for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K filed on February 16, 2024, prior to May 15, 2025, holders of the 4.50% Convertible Senior Notes may convert their notes during any calendar quarter (and only during such calendar quarter), if the last reported sale price of Holdings’ common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to $18.66 per share (130% of the initial conversion price of $14.35 per share), on each applicable trading day. The closing price of Holdings' common stock exceeded $18.66 per share (130% of the initial conversion price of $14.35 per share) during at least 20 of the last 30 trading days of the quarter ended September 30, 2024 and, therefore, the 4.50% Convertible Senior Notes will be convertible during the fourth quarter of 2024.

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, which are designated as cash flow hedges, as of September 30, 2024:


Notional					Estimated
Amount		Pay Rate	Receive Rate	Expiration Date	Fair Value (1)
$	137.5	3.21%	1-Month Term SOFR	December 31, 2026	$	0.5
$	175.0	3.20%	1-Month Term SOFR	December 31, 2026		0.8
$	137.5	3.17%	1-Month Term SOFR	December 31, 2027		0.7
				Total	$	2.0

(1)

Approximately $2.8 of the total is included in “Prepaid expenses and other” and the long-term liability portion of $0.8 is included in “Other long-term liabilities” on the condensed consolidated balance sheet as of September 30, 2024.

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
	September 30, 2024		December 31, 2023
Holdings fair value (1)	$	2,834.0	$	2,460.3
CUSA fair value	$	1,920.1	$	1,903.8

(1)

The fair value of the 4.50% convertible senior notes was $913.9 and $556.5 as of September 30, 2024 and December 31, 2023, respectively.