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# 1939 Baird

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Woodland Hills, CA—Oct 20, 2011

Cinedigm Digital Cinema Corp. Announces Closing of Non-recourse Financing

$100 million facility to immediately support digital deployment for nearly 1,000 digital screens, with others in pipeline
Cinedigm Digital Cinema Corp. (NASDAQ: CIDM), the global leader in digital cinema, today announced the closing of its previously announced non-recourse financing facility as well as the commitment to immediately deploy approximately 1,000 Cinedigm-Certified™ screens across four exhibitor partners.

The funding is provided by Cinedigm’s $77.5 million non-recourse financing facility with Joint Bookrunners Société Générale Corporate and Investment Banking and Natixis Corporate and Investment Bank Americas and Joint Lead Arranger ING Capital, together with $23.0 million junior lease capital provided by CHG-MERIDIAN US Finance, Ltd.  The total facility size is $100.5 million. 

Cinedigm can offer the non-recourse borrowing facility to exhibitors to provide a complete off-balance sheet financing solution for the conversion to digital systems.  Under the terms of the facility, Cinedigm will be the servicer for the billing and collection of virtual print fees (VPFs) revenues for the digital systems and will work closely with exhibitors, equipment vendors and the lenders to oversee the smooth deployment and the ongoing operations management of these digital systems.

Exhibitors who have executed license agreements with Cinedigm to participate in this financing facility thus far include:
  • Marcus Theatres for 628 screens
  • Muller Family Theatres for 65 screens
  • Dickinson Theatres for 187 screens
  • Storyteller Theatres for 56 screens
  • Total 936 screens

 “With only 11 months remaining before the end of our rollout period per our studio agreements, we are pleased to see more exhibitors finalizing their license agreements and rollout plans and especially taking advantage of the Cinedigm financing option,” said Gary Loffredo, President of Digital Cinema Services & General Counsel of Cinedigm.  “We are committed to continuing to do everything we can to ensure exhibitors have every opportunity to be included in the digital future.”

“Société Générale and Natixis continued commitment to Cinedigm’s non-recourse Phase Two facility and their ongoing commitments to our Phase One facility, is a strong vote of confidence in the digital cinema industry,” said Adam M. Mizel, Chief Operating Officer & CFO of Cinedigm. “By adding partners at CHG and ING, this new facility will provide a simple, turnkey solution for the many interested exhibitors seeking the significant advantages of digital cinema, including 3D movie releases and exciting alternative content offerings.”

“We are pleased to have successfully syndicated this facility, together with Joint Bookrunner and Syndication Agent, Natixis, and Documentation Agent, ING Capital,” echoed Richard Knowlton, Managing Director, Société Générale Corporate and Investment Banking.  “The strength of the digital cinema business model attracted lenders to oversubscribe the transaction in a challenging market.”

In the combined Phase One and Phase Two digital cinema deployment program, Cinedigm has:
·   Signed close to 9,800 screens overall
·   Installed over 8,000 digital screens
·   Signed 100 Cinema Buying Group exhibitors, representing close to 1,800 screens
·   Signed exhibitor buyer deals representing more than 4,000 screens
·   Signed Phase Two Cinedigm-financed deals representing just over 2,000 screens

About Cinedigm: Cinedigm Digital Cinema Corp. is a leader in providing the services, experience, technology and content critical to transforming movie theaters into digital and networked entertainment centers. The Company partners with Hollywood movie studios, independent movie distributors, and exhibitors to bring movies in digital cinema format to audiences across the country. Cinedigm's digital cinema deployment organization, state of the art distributor and exhibition software, and marketing and distribution platform for alternative content and independent films are a cornerstone of the industry's digital cinema transformation. With the April acquisition of New Video, the world's largest aggregator of independent digital content and leading distributor of quality entertainment, CIDM has created a new full service end-to-end digital studio, enabling the Company to acquire and distribute independent films and specialty content both theatrically and via digital, mobile and home media platforms. Cinedigm Directory page
Countries:
United States

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More Cinedigm News:
Dec 11, 2013 MJR Theaters Selects Cinedigm's Web-Based Digital Cinema Software, "ENTERPRISE WEB"
Oct 22, 2013 Cinedigm Launches "Enterprise Web," Industry-Changing Web-Based Digital Cinema Software
Jun 25, 2013 Omniplex Cinema Group Completes Installation of Cinedigm’s Theatre Command Center, Bringing Full Benefits of Digital Cinema to the Exhibitor
Jun 24, 2013 Omniplex Cinema Group Completes Installation of Cinedigm’s Theatre Command Center, Bringing Full Benefits of Digital Cinema to the Exhibitor
Jun 24, 2013 Neighborhood Cinema Group Selects Cinedigm Enterprise Software to Manage Head Office Functions
Apr 29, 2013 Cinedigm and ICAA Secure Virtual Print Fee Program to Benefit Independent Cinemas in Australia and New Zealand
Apr 12, 2013 Cinedigm Signs Over 100 Drive-In Movie Theatres to Digital Cinema Program
Feb 4, 2013 Cinedigm and NATO Team Together to Lead the Digital Conversion of Drive-In Movie Theatres
Jan 15, 2013 Southern Theatres Selects Cinedigm Enterprise Software to Centrally Manage its Digital Theatres
Dec 4, 2012 Cinedigm Names Dan Sherlock President of Software
Nov 6, 2012 Theatre Service Network Adopts Cinedigm EMS Software to Manage Booking Services for Over 50 Exhibitors
Oct 18, 2012 Cinedigm Digital Cinema Corp. Announces Digital Deployment with Reading International, Including the Angelika New York, the Most Prestigious Arthouse in the United States
Oct 16, 2012 Cinedigm Digital Cinema Corp. Announces First Large Scale International Digital Deployment with Caribbean Cinemas
Oct 16, 2012 LD Entertainment to Manage Theatrical Releases Using Cinedigm’s TDS Distribution Software
Oct 15, 2012 Cinedigm Digital Cinema Corp. Passes 12,200 Digital Screen Signings Mark, with 273 Exhibitor Partners on Board
Oct 12, 2012 Cinedigm Digital Cinema Corp. Reaches Milestone for Community and Local Theatres Across the Country with 3,000 Screens Signed
Oct 9, 2012 Goodrich Quality Theatres Expands Relationship with Cinedigm Software, Bringing Full Benefits of Digital Cinema To Their Digital Theatre Circuit
Oct 1, 2012 Cinedigm Digital Cinema Corp. Announces Digital Deployment Pact with Belmont Capital, LLC for “Your Neighborhood Theatres”
Sep 28, 2012 Cinedigm Announces Digital Deployment Pact with Metropolitan Theatres Corporation
Sep 12, 2012 Cinedigm’s EMS™ Software to Manage Carmike Cinemas’ Booking and Payments
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