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Business Description

Headquartered in West London, Vue Entertainment operates 116 state-of-the-art multiplex cinemas across the UK, Germany, Denmark, Ireland, Poland, Portugal and Taiwan. It has 1,920 screens with over 230,000 seats, over 5,100 employees and over 83 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).

Bond Information

Coupon
7.875%
15 Jul 2020
Repaid On
09 Jul 2019
Previous Payment
15 Jul 2020
Interest Period
6 months
XS0953085114
Select Seniority
£300,000,000
15 Jul 2016 at 103.938
15 Jul 2017 at 101.969
15 Jul 2018 at 100
Status
Repaid

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name
Vougeot Bidco plc
Industry
Entertainment, Media & Broadcasting
Country of Origin
UK
Year of Incorporation
1998
Ownership Status
Private

Capital Structure

Senior Debt 62%

Equity 38%

Type £m x EBITDA* % of capitalisation* Maturity* Coupon* EBITDA/Interest*
Cash na na na na na na
Other debt na na na na na na
Term Loan B na na na na na na
£300m Senior Secured Notes 7.8% na na na na na na
€360m Senior Secured FRN na na na na na na
Net Senior Debt na na na na na na
Implied Equity na na na na na na
Net Capitalisation na na na na na na
EBITDA 110          
Cash Interest 45          

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.

Based on purchase price paid of 8.4x EBITDA (£924m purchase price)

Key Financials

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