Vue Entertainment  7.875% 15 Jul 2020

Description Bond Information Company Information Capital Structure Key Financials Reports News & Stories

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%

Maturity Date

15 Jul 2020

Repaid On

09 Jul 2019

Interest Period

6 months

ISIN

XS0953085114

Asset Security

First ranking charge over company assets

Amount

£300,000,000

Status

Repaid

Company Information

Company Legal Name

Vougeot Bidco plc

Year of Incorporation

1998

Ownership Status

Private

Registered Location

UK

Industry

Entertainment, Media & Broadcasting

* 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.

Capital Structure

Senior Debt

62%

Equity

38%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

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 na          
Cash interest na          

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)

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Key Financials (£m) 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A Q1 2018 Q1 2019A
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source: Company Reports

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Wisealph circle logo

Invest from just £100 per bond

We've liberated the corporate bond market for the everyday investor.



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

Capital at risk. No FSCS cover.

Please note as a WiseAlpha member you are not lending directly to the corporate borrower. Instead, you are purchasing Fractional Bonds, each one backed by a specific bond. See Risk Statement.