IMAX has entered into a new $110 million credit facility with Wells Fargo Capital Finance Corporation Canada and Export Development Canada (EDC).
It replaces IMAX’s previous $75 million facility with Wells Fargo and EDC.
The big screen company said that the total boasts a $60 million revolving term loan, with no scheduled repayments, and up to a $50 million asset-based revolving loan.
IMAX said it will use the proceeds for operation purposes and to fund its global expansion. The company has vigorously pursued international markets over the last year, announcing new theaters and partnerships in such far-flung locales as Japan and Russia.
After a sustained period of growth, IMAX's most recent quarter was a rough one for the company. It posted its first losses in seven quarter, and revenue fell to $45.2 million from $72.8 million.
The credit facility extends the maturity of the prior facility from October 31, 2013 to October 31, 2015.