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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 23 – SUBSEQUENT EVENTS



On January 24, 2020, we exercised the first of our two extension options on the BOTO loan, taking the maturity to December 29, 2020. See Note 10 – Borrowings.





On March 6, 2020, we refinanced our Bank of America revolving credit facility. The refinancing retains the facility limit of $55.0 million and extends the maturity date to March 6, 2023. See Note 10 – Borrowings.  



On March 10, 2020, our Board of Directors authorized a $25.0 million increase to our Stock Repurchase Program and extended it to March 2, 2022. See Note 10 – Borrowings.



On March 11, 2020, the World Health Organization characterized the novel COVID-19 virus as a global pandemic. There is significant uncertainty as to the likely effects of this disease which may, among other things, materially reduce attendance at our cinemas and ETCs as instances of public gatherings decline. At the current time, we are unable to quantify the potential effects of this pandemic on our future financial statements.



On March 12, 2020, we amended the Village East original purchase option agreement to extend the term of the lease to January 31, 2022 and extend the put option to December 4, 2021 as detailed at Note 11 – Pension and Other Liabilities.



On March 13, 2020, we refinanced our Cinemas 1,2,3 Term Loan and Line of Credit loan with Valley National Bank. The new loan, also with Valley National Bank, is a term loan of $25.0 million with a maturity date of April 1, 2022 and two six-month options to extend. The new term loan bears an interest rate of 4.25%. See Note 10 – Borrowings.