Carmike Cinemas Completes New $265 Million Senior Secured Term Loan Facility and $30 Million Revolving Credit Facility to Replace Existing Credit Facilities

on January 27, 2010

COLUMBUS, Ga.-- Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading digital cinema and 3D motion picture exhibitor, today announced that it has entered into a new $265 million senior secured term loan facility and a $30 million senior secured revolving credit facility.

Carmike's existing senior secured term loan facility was set to mature in May 2012 and had a balance of $250.8 million outstanding at December 31, 2009. The new term loan facility will have an interest rate of LIBOR plus 350 basis points, with a LIBOR floor of 2.0% and fully matures in January 2016. The interest rate is 50 basis points lower than the prior expected rate of LIBOR plus 400 basis points, as disclosed in the Carmike news announcement issued January 7, 2010.

Carmike has also replaced its $50 million revolving credit facility previously set to mature in May 2010, which was undrawn as of December 31, 2009, with a $30 million revolving credit facility that matures in January 2013.

The refinancing was led by J.P. Morgan Securities Inc., and Citigroup Global Markets Inc., acting as joint lead arrangers and joint bookrunners, with Macquarie Capital (USA) Inc. as documentation agent, Citibank, N.A., as syndication agent, and JPMorgan Chase Bank, N.A., as administrative agent.

Carmike has filed a copy of the new credit agreement with the Securities and Exchange Commission.

Carmike Cinemas Chief Financial Officer, Richard B. Hare, stated, "The new term loan and revolving credit facility is a positive development for Carmike, which we believe will afford us the requisite flexibility to fund the Company's future growth and success."

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