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National Amusements Announces Amended Credit Agreement

National Amusements, Inc. (NAI) and its wholly-owned subsidiary NAI Entertainment Holdings LLC (NAIEH) today announced that it has reached an agreement with its lenders to amend its credit facility. Following this amendment, NAI will have a revolving facility of $125 million and ample liquidity, in addition to its substantial cash reserves, to fund operations of NAIEH, which includes its theater business. NAI will not sell stock in ViacomCBS (NASDAQ: VIAC, VIACA) and does not intend to pledge additional stock of ViacomCBS, which remains at existing levels.

About National Amusements, Inc.:

National Amusements, Inc., is a world leader in the motion picture exhibition industry operating more than 950 movie screens in the U.S., U.K. and Latin America. National Amusements delivers a superior entertainment experience in theatres around the world under its Showcase, Cinema de Lux, Multiplex, SuperLux and UCI brands. Based in Norwood, Massachusetts, National Amusements is a closely held company operating under the third generation of leadership by the Redstone family. National Amusements is the parent company of ViacomCBS. National Amusements, directly and through subsidiaries, holds approximately 79.4% of the Class A (voting) common stock of ViacomCBS, and approximately 10.2% of Class A and Class B common stock on a combined basis.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200326005398/en/

Contacts

Sara Evans, (646) 805-2066, sara.evans@finsbury.com
Kerry Golds, (646) 805-2811, kerry.golds@finsbury.com