National CineMedia entered into a new revolving credit facility providing for $50.0 million of revolving loan commitments, the entire amount of which was drawn on January 5, 2022. According to the 8K filed with the SEC, WSFS Bank served as the administrative agent for the facility.

The loans incurred under the New Revolving Credit Facility accrue interest payable in cash at the rate of term Secured Overnight Financing Rate (SOFR) plus 8.0% per annum (subject to a 1.0% floor) and mature on June 20, 2023. In connection with the New Revolving Credit Facility, NCM LLC also entered into an amendment to its existing Credit Agreement to extend the suspension of its consolidated net senior secured leverage ratio and consolidated net total leverage ratio financial covenants established by the credit agreement amendments entered into on April 30, 2020 and March 8, 2021 until and including the fiscal quarter ending on or about December 29, 2022 and to revise the applicable financial covenant ratios for the fiscal quarters beginning March 30, 2023 through and including the quarter ending on or about September 28, 2023. The Credit Agreement amendment also extends the limitations established by the previous credit agreement amendments through December 28, 2023 regarding NCM LLC’s ability, among other things, to make distributions with available cash to the Company, all of which are further described in the Company’s Form 8-K filed with the SEC on January 6, 2022. Including the net proceeds from the Revolving Credit Facility after fees, the Company has a cash balance of $143.1 million ($99.7 million at NCM LLC) as of January 5, 2022.