Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£300,000,000

Current Yield

7.7%

*
Estimated Yield to Maturity

6.8%

**
Maturity Date

15 Jul 2020

Interest Payment Frequency

6m

Next interest payment

01 Feb 2018

Asset Security

First ranking charge over company assets

Industry Type

Entertainment and Media

Next Call

15 July 2016 at 103.938
15 July 2017 at 101.969
15 July 2018 at 100.0

ISIN

XS0953085114


Business Description

Headquartered in West London, Vue Entertainment operates 116 state-of-the-art multiplex cinemas across the UK, Germany, Denmark, Ireland, Portugal and Taiwan. It has close to 1,100 screens with over 230,000 seats, over 5,100 employees and over 55 million attendances per annum. The business was founded in 1998 as SBC International Cinemas by members of the current management team. It rebranded as Vue in 2003 following the acquisition of Warner Village Cinemas and has continued to grow organically and through acquisitions. Since 2006 it has opened 12 new sites and is focused on expanding into new markets both internationally and in the UK. In 2012, the Company completed two significant acquisitions. In May, Vue acquired Apollo Cinemas, a UK circuit with 14 sites and 2.7 million annual admissions. In August, Vue acquired CinemaxX with 34 cinemas and over 290 screens across Germany and Denmark adding 16.3 million annual admissions. In May 2013, Vue agreed to acquire Multikino, a leading Polish multiplex operator with 28 cinemas with 231 screens across 22 cities in Poland and 2 cinemas with 15 screens in the Baltics. In August 2013, Vue Entertainment was sold to OMERS Private Equity and Alberta Investment Management Corporation (AIMCo).


Capital Structure

Source: Company Reports
* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary here
Based on purchase price paid of 8.4x EBITDA (£924m purchase price)


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* This is the estimated return an investor can expect to receive over the next 12 months expressed in percentage terms. It is the sum of the expected interest payments over the year and where the coupon is partly dependent on Libor uses market based Libor forecasts at each coupon date and also takes into account the Note's current price. It is gross of taxation and our Service Fee. The current yield is therefore an estimated return only and is not guaranteed and may be revised in the future.
** This is an estimated annualised return gross of taxation and our Service Fee assuming the investment is held to maturity. It equates the present value of expected future interest payments of a Note into an annual yield across its life relative to the Note's current price. Where the interest coupon is partly dependent on Libor it uses market based forecasts of Libor and assumes that all interest is re-invested at a rate equal to the Yield to Maturity. For floating rate coupons because current market based forecasts are for Libor to increase in future years the calculation of Yield to Maturity assumes the interest paid to investors will be higher in future years. However, there is no guarantee that the Bank of England will raise interest rates or that Libor will increase as a result. In addition, any changes to the financial circumstances of the company or changes in the economic terms of the underlying loan could also impact future interest payments. The Yield to Maturity is therefore an estimated return only and is not guaranteed.

Status: Performing


Notes:

The company currently has no outstanding notes.

Capital at risk. No FSCS cover. See Risk Statement.

 

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