SOURCE: Carmike Cinemas, Inc

May 19, 2005 17:10 ET

Carmike Cinemas, Inc. Announces Completion of GKC Theatres Acquisition, Credit Facilities

COLUMBUS, GA -- (MARKET WIRE) -- May 19, 2005 -- Carmike Cinemas, Inc. (NASDAQ: CKEC) ("Carmike") announced today that it has completed the previously announced acquisition of George G. Kerasotes Corporation ("GKC Theatres") for $66 million.

Carmike also announced that it entered into a credit agreement arranged by Bear, Stearns & Co. Inc. to provide $405 million in senior secured credit facilities. The facilities include a $50 million five year revolving credit facility and $355 million in term loan facilities. The term loan facilities consist of a fully drawn $170 million seven year maturity term loan and a $185 million delayed draw term loan with a twenty-four month commitment.

Carmike used the proceeds from the facilities to complete the $66 million acquisition of GKC Theatres, to repay borrowings under Carmike's current $98.75 million term loan, to repay approximately $5.1 million of outstanding borrowings under Carmike's current revolving credit facility, and to pay fees and expenses.

Carmike is a leading motion picture exhibitor in the United States with 281 theatres and 2,187 screens in 36 states, as of March 31, 2005. Carmike's focus for its theatre locations is small to mid-sized communities with populations of fewer than 100,000. Carmike's common stock is currently traded on the Nasdaq National Market under the ticker symbol "CKEC." For more information visit Carmike's website, www.carmike.com.

Contact Information

  • Company contact:
    Judy Russell
    Director of Investor and Public Relations
    706-576-2737