Long-term debt of Holdings and CUSA consisted of the following for the periods presented:


	June 30,		December 31,
	2025		2024
Cinemark Holdings, Inc. 4.50% convertible senior notes due August 2025	$	460.0	$	460.0
Cinemark USA, Inc. term loan due May 2030		635.5		638.7
Cinemark USA, Inc. 5.25% senior notes due July 2028		765.0		765.0
Cinemark USA, Inc. 7.00% senior notes due August 2032		500.0		500.0
Total long-term debt carrying value (1)	$	2,360.5	$	2,363.7
Less: Current portion, net of unamortized debt issuance costs		466.0		464.3
Less: Debt issuance costs and original issue discount, net of accumulated amortization (1)		24.2		29.0
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount (1)	$	1,870.3	$	1,870.4

(1)

The only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA are the $460.0 4.50% Convertible Senior Notes due August 2025 and the related debt issuance costs. The following table sets forth, as of the periods indicated, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA.


	June 30,		December 31,
	2025		2024
Total long-term debt carrying value	$	1,900.5	$	1,903.7
Less: Current portion		6.4		6.4
Less: Debt issuance costs and original issue discount, net of accumulated amortization		23.8		26.9
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	1,870.3	$	1,870.4

As further discussed in Note 13 to the Company’s consolidated financial statements for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed on February 19, 2025, holders of the 4.50% Convertible Senior Notes may convert their 4.50% Convertible Senior Notes at any time on or after May 15, 2025. On May 15, 2025, as required by the indenture to the 4.50% Convertible Senior Notes, the Company provided irrevocable notice to the holders of the 4.50% Convertible Senior Notes of its election to settle all conversion obligations with respect to any 4.50% Convertible Senior Notes that are converted on or after May 15, 2025 by means of Combination Settlement as defined in the indenture to the 4.50% Convertible Senior Notes. Under the Combination Settlement, the Company will repay the $460.0 outstanding principal amount of the 4.50% Convertible Senior Notes on their August 15, 2025 maturity date, in cash. Amounts owed above the $460.0 principal amount of the 4.50% Convertible Senior Notes will be settled in shares. If any conversion would result in the issuance of fractional shares, the Company will pay cash in lieu of such fractional shares. The estimated number of shares to be issued by the Company to settle amounts owed above the principal amount would be approximately 17.0 shares based on the closing price of Holdings’ common stock on June 30, 2025.

Additionally, on May 15, 2025, the Company provided irrevocable notice to the 4.50% Convertible Senior Notes hedge counterparties of its election that the counterparties are to settle the hedges by Net Share Settlement, as defined in the call option confirmations. Concurrently with its issuance of shares to the convertible noteholders to settle the amount owed above the principal amount on August 15, 2025, the Company expects to receive an equal and offsetting number of shares, or approximately 17.0 shares based on the closing price of Holdings’ common stock on June 30, 2025, from the hedge counterparties.

On June 30, 2025, CUSA amended and restated its senior secured credit facility (the “Credit Agreement”) to reduce the rate at which the term loan bears interest by 0.50% and reset the 101% soft call for another six months. CUSA incurred a total of approximately $1.0 in debt issuance costs in connection with the amendment, which are reflected in the condensed consolidated financial statements as follows: (i) $0.8 in debt issuance costs were capitalized and are reflected as a reduction of “Long-term debt, less current portion” on the Company’s condensed consolidated balance sheet, and (ii) $0.2 of legal and other fees are included in “Loss on debt amendments

and extinguishments” in the Company’s condensed consolidated statement of income for the three and six months ended June 30, 2025. As a result of the amendment, CUSA also wrote-off $1.3 of unamortized debt issuance costs and original issue discount associated with exiting lenders of the amended Credit Agreement, which is reflected in “Loss on debt amendments and extinguishments” in the Company’s condensed consolidated statement of income for the three and six months ended June 30, 2025.

As of June 30, 2025, there was $635.5 outstanding under the term loan and no borrowings were outstanding under the revolving credit line. Under the Credit Agreement, quarterly principal payments of $1.6 are due on the term loan through March 31, 2030, with a final principal payment of the remaining unpaid principal due on May 24, 2030. The average interest rate on outstanding term loan borrowings under the Credit Agreement as of June 30, 2025 was approximately 5.8% per annum, after giving effect to the interest rate swap agreements discussed below.

The Company’s interest rate swap agreements are used to hedge a portion of the interest rate risk associated with the variable interest rates on the Company’s term loan and qualify for cash flow hedge accounting.

Effective April 30, 2025, the Company amended and extended its $175.0 notional amount interest rate swap and one of its $137.5 notional amount interest rate swap agreements to amend the pay rate and extend the maturity date of each respective swap agreement to December 31, 2027. Upon amending its interest rate swap agreements, the Company determined that the interest payments hedged with the agreements are still probable to occur, therefore the $1.0 of aggregate gains that accumulated on the swaps prior to the amendments are being amortized to interest expense through the maturity date of the swap.

Below is a summary of the Company's interest rate swap agreements, which are designated as cash flow hedges, as of June 30, 2025:


Notional					Estimated
Amount		Pay Rate	Receive Rate	Expiration Date	Fair Value (1)
$	137.5	3.23%	1-Month Term SOFR	December 31, 2027	$	0.7
$	137.5	3.17%	1-Month Term SOFR	December 31, 2027		0.8
$	175.0	3.23%	1-Month Term SOFR	December 31, 2027		0.8
				Total	$	2.3

(1)

Approximately $2.7 of the total is included in “Prepaid expenses and other” and $0.4 is included in “Other long-term liabilities” on the condensed consolidated balance sheet as of June 30, 2025.

The fair values of the interest rate swaps are recorded on Holdings’ and CUSA’s condensed consolidated balance sheets as an asset or liability with the related gains or losses reported as a component of accumulated other comprehensive loss. The changes in fair value are reclassified from accumulated other comprehensive loss into earnings in the same period that the hedged items affect earnings. The valuation technique used to determine fair value is the income approach and under this approach, the Company uses projected future interest rates as provided by counterparties to the interest rate swap agreements and the fixed rates that the Company is obligated to pay under the agreement. Therefore, the Company's measurements are based on observable market data, which fall in Level 2 of the U.S. GAAP hierarchy as defined by FASB ASC Topic 820-10-35.

The Company estimates the fair value of its long-term debt primarily based on observable market prices, which fall under Level 2 of the U.S. GAAP fair value hierarchy as defined by FASB ASC 820-10-35, Fair Value Measurement. The table below presents the fair value of the Company's long-term debt as of the periods presented:


	As of
	June 30, 2025		December 31, 2024
Holdings fair value (1)	$	2,899.5	$	2,903.7
CUSA fair value	$	1,923.2	$	1,902.1

(1)

The fair value of the 4.50% convertible senior notes was $976.3 and $1,001.6 as of June 30, 2025 and December 31, 2024, respectively.