National CineMedia lands $300M debt package to fund Captivate buy
What's the deal? National CineMediaDealroom has a profile for this one. Try Dealroom → has secured a $300 million senior secured unitranche facility to fund its acquisition of CaptivateDealroom has a profile for this one. Try Dealroom →. Crestline Direct Finance led the transaction and serves as administrative agent, while Encina Commercial Finance acted as joint lead arranger.
The specifics: Encina provided $125 million of first-out financing within the $300 million package. The deal was announced on September 29, 2026.
What's the endgame? The financing backs National CineMedia's purchase of Captivate, a move that expands the cinema advertising company's reach beyond the big screen.
Why now? Unitranche structures blend senior and subordinated debt into a single facility, giving borrowers speed and simplicity for acquisitions. That fit National CineMedia's need to close the Captivate deal.
The signal: At $300 million, this ranks among the largest debt rounds on record in US marketing — above the 96th percentile of more than 1,100 comparable deals. It points to continued appetite among direct lenders to bankroll consolidation in the advertising sector.
Read more: abfjournal.com
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