ADDED
These risks and uncertainties include, but are not limited to, the following: the risks and uncertainties relating to the sufficiency of our existing cash and cash equivalents and available borrowing capacity to fund operations and satisfy obligations including cash outflows for planned capital expenditures currently and through the next twelve months.
In order to achieve net positive cash flows from operating activities, revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues.
Liquidity As of December 31, 2025, we had cash and cash equivalents of approximately $428.5 million.
During the year ended December 31, 2025, we took action to lower the future interest expense of our fixed-rate debt through debt buybacks and exchanges for equity and enhanced liquidity through equity issuances.
See Note 7 Corporate Borrowings and Finance Lease Liabilities, Note 8 Stockholders Deficit, and Note 14 Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K, for further information regarding equity issuances and debt repurchases and exchanges.
2025 Refinancing Transactions On July 24, 2025, Muvico, LLC, a wholly-owned subsidiary of the Company ( Muvico ), issued $857.0 million aggregate principal amount of new Senior Secured Notes due 2029 (the New 2029 Notes ) in exchange for $590.0 million aggregate principal amount of 7.5% First Lien Senior Secured Notes due 2029 ( Existing 7.5% Notes ) and $244.4 million of incremental, new money financing.
On the same day, Muvico also issued $194.4 million aggregate principal amount of New Exchangeable Notes in exchange for $194.4 million aggregate principal amount of Existing Exchangeable Notes.
On September 30, 2025, $39.9 million aggregate principal of New Exchangeable Notes were cancelled pursuant to a downward adjustment feature in the New Exchangeable Notes, which represented the maximum possible downward adjustment.
We used the new money financing from the issuance of the New 2029 Notes to fully redeem our outstanding 5.875% Senior Subordinated Notes due 2026 (the Senior Subordinated Notes due 2026 ) and our 10%/12% Cash/PIK Toggle Second Lien Subordinated Secured Notes due 2026 (the Second Lien Notes ) and also to pay consent fees to the Consenting Term Loan Lenders (as defined herein).
The New Exchangeable Notes were not initially exchangeable into Common Stock.
REMOVED
These risks and uncertainties include, but are not limited to, the following: the risks and uncertainties relating to the sufficiency of our existing cash and cash equivalents and available borrowing capacity, including following the termination of our senior secured revolving credit facility ( Senior Secured Revolving Credit Facility ), to fund operations, and satisfy obligations including cash outflows for planned capital expenditures currently and through the next twelve months.
In order to achieve net positive cash flows provided by operating activities revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues.
Liquidity As of December 31, 2024, we had cash and cash equivalents of approximately $632.3 million.
We took action to lower the future interest expense of our fixed-rate debt through debt buybacks and exchanges for equity and enhanced liquidity through equity issuances.
See Note 8 Corporate Borrowings and Finance Lease Liabilities, Note 9 Stockholders Deficit, and Note 16 Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K, for further information.
We expect to, from time to time, continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise.
Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.
Refinancing Transactions On July 22, 2024, we completed a series of refinancing transactions (the Refinancing Transactions ) with two creditor groups to refinance and extend to 2029 and 2030 the maturities of approximately $1.6 billion of our debt previously maturing in 2026.
During the third quarter of 2024 we completed follow-on open market repurchases of our existing senior secured term loans maturing 2026 (the Existing Term Loans ), and in exchange, issued to such selling holders our New Term Loans (as defined herein) pursuant to the New Term Loan Credit Agreement (as defined herein) of approximately $793.0 million.
As of December 31, 2024, we completed open market purchases of $1,895.0 million aggregate principal amount of our Existing Term Loans and issued $2,024.3 million aggregate principal amount of the New Term Loans.