NEW YORK — Loews Cineplex Entertainment Corp. said Friday that it’s adding $100 million to its previously announced private debt placement, bringing that placement to $300 million, and pricing the 10 million common shares issuing of its anticipated equity offering at $11 apiece.
About half of the proceeds has been marked to swap $200 million in debt issued by wholly owned subsidiary Plitt Theatres. The Plitt notes carry 10 7/8% rate, whereas the new Loews Cineplex notes have been priced at 8 7/8%.
Leftover funds, including the $102.6 million expected to be raised through additional equity, will be used to reduce debt under the company’s credit facility and to finance domestic and international expansion.
Loews Cineplex, formed in May by the merger of Sony/Loews Theatres and the Cineplex Odeon Corp., has 2,900 screens in 465 locations primarily in the United States, Canada and Europe.