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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

6.9%

**
Maturity Date

15 Jul 2020

Interest Payment Frequency

6m

Next interest payment

01 Aug 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).

* The coupon divided by the price. Where the coupon is partly dependent on Libor it uses market based Libor forecasts at each coupon date over the next 12 months.
** The estimated yield from holding a bond to maturity including interest and capital repayment and assuming interest is re-invested at the same yield. Please note this calculation may be adversely affected by features in bond such as calls or prepayments. Where the coupon is partly dependent on Libor it uses market based forecasts of Libor until the maturity date.
Please note that the current yield and yield to maturity are an estimated return calculation and not guaranteed. All yields shown are gross of taxation and our Service Fee.

Status: Performing


Notes:

The company currently has no outstanding notes.

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

 

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