Movies

IMAX enters into expanded $200 million credit facility

MUMBAI: Canadian giant screen exhibitor IMAX Corporation said t has entered into an amended senior secured credit facility for up to $200 million with Wells Fargo Bank, National Association, with the participation of Export Development Canada (EDC), the Canadian Imperial Bank of Commerce (CIBC), the Royal Bank of Canada (RBC), HSBC Canada, and the National Bank of Canada.

Wells Fargo serves as administrative agent, sole lead arranger and sole bookrunner on the transaction. The new facility replaces IMAX‘s previous $110 million facility with Wells Fargo and EDC and will permit IMAX to undertake up to $150 million in stock buybacks and dividends provided certain covenants are maintained.

IMAX intends to use proceeds from the new facility to refinance the existing revolver and for general corporate purposes, such as funding its strategic initiatives, including its continued global expansion, ongoing working capital requirements, investments and capital expenditures. The maturity date of the new credit facility is 7 February, 2018, compared with a maturity date of 31 October, 2015, for the prior credit facility.

Borrowings under the new credit facility will bear interest at the reduced spread of 1.50 per cent to 2 per cent above LIBOR, depending on maximum total leverage outstanding.

"This new facility, coupled with the recurring cash generated by our business, will provide us with enhanced flexibility as we pursue our strategic initiatives and continue the global expansion of our business," said IMAX CEO Richard L. Gelfond.

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