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Long Term Debt (Tables)

9 Months Ended

Sep. 30, 2025

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


	September 30,		December 31,
	2025		2024
Cinemark Holdings, Inc. 4.50% convertible senior notes due August 2025	$	—	$	460.0
Cinemark USA, Inc. term loan due May 2030		633.9		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)	$	1,898.9	$	2,363.7
Less: Current portion, net of unamortized debt issuance costs		6.4		464.3
Less: Debt issuance costs and original issue discount, net of accumulated amortization		22.9		29.0
Long-term debt, less current portion, net of unamortized debt issuance costs and original issue discount	$	1,869.6	$	1,870.4

(1)

As of December 31, 2024, the only differences between the long-term debt for Holdings, as presented above, and the long-term debt for CUSA were the $460.0 4.50% Convertible Senior Notes that matured on August 15, 2025 and the related debt issuance costs. The following table sets forth, as of December 31, 2024, the total long-term debt carrying value, current portion of long-term debt and debt issuance costs, net of amortization, for CUSA.


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

Summary of Company's Interest Rate Swap Agreements Designated as Cash Flow Hedges

Below is a summary of the Company's interest rate swap agreements, which are designated as cash flow hedges, as of September 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	$	0.4
$	137.5	3.17%	1-Month Term SOFR	December 31, 2027		0.5
$	175.0	3.23%	1-Month Term SOFR	December 31, 2027		0.5
				Total	$	1.4

(1)

Approximately $1.7 of the total is included in “Prepaid expenses and other” and $0.3 is included in “Other long-term liabilities” on the condensed consolidated balance sheet as of September 30, 2025.

Schedule of carrying values and fair values of debt instruments

The table below presents the fair value of the Company's long-term debt as of the periods presented:


	As of
	September 30, 2025		December 31, 2024
Holdings fair value (1)	$	1,921.0	$	2,903.7
CUSA fair value	$	1,921.0	$	1,902.1

(1)

The fair value of the 4.50% Convertible Senior Notes was $1,001.6 as of December 31, 2024. The 4.50% Convertible Senior Notes matured on August 15, 2025.

Schedule of warrants are classified as current liabilities and are composed

n August 15, 2025, Holdings entered into irrevocable warrant unwind and termination agreements with each of the warrant counterparties to settle the warrant transactions the Company had entered into in connection with the issuance of the 4.50% Convertible Senior Notes (the “Warrant Early Termination Agreements”). Pursuant to the Warrant Early Termination Agreements, the Company will deliver approximately equal amounts of cash and shares to each counterparty, the amount of which varies based upon the volume-weighted average price per share of the Company’s common stock during the observation period from August 18, 2025 through November 3, 2025, as specified in the Warrant Early Termination Agreements. Since a portion of the warrants are settled in cash under the Warrant Early Termination Agreements, the warrants were required to be accounted for as a liability, at fair value, effective August 15, 2025. The estimated fair value of the liability was derived using a Monte Carlo simulation model. The estimated fair value of the warrants under the terms of the Warrant Early Termination Agreements exceeded the estimated fair value of the previously existing warrants by $15.1, and therefore the Company recognized a loss for that amount on August 15, 2025. During the period from August 15, 2025 through September 30, 2025, the Company paid approximately $39.2 in cash and issued 1.4 shares of Holdings’ common stock with a value of approximately $39.2 to settle a portion of the warrant transactions. The estimated fair value of the liability for the remaining warrants at September 30, 2025 was $132.6 and is reflected in “Liability for warrants” in Holdings’ condensed consolidated balance sheet at September 30, 2025. The Company recognized a loss of $39.4 related to the fair value adjustment of the warrant liability between August 15, 2025 and September 30, 2025. The losses related to the warrants are collectively reflected as “Loss on warrants” in

the Company’s condensed consolidated statements of income for the three and nine months ended September 30, 2025. Subsequent to September 30, 2025, the Company paid approximately $58.7 in cash and issued 2.2 shares of Holdings’ common stock with a value of approximately $58.7 to settle the remaining warrant transactions in accordance with the Warrant Early Termination Agreements, with the final settlement to occur on November 5, 2025.