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Tag: Richard L. Gelfond

  • Imax China and China Media Capital take next steps for $50 Million China film fund

    Imax China and China Media Capital take next steps for $50 Million China film fund

    MUMBAI: Imax Corporation and Imax China (HK.1970) today announced the completion of the formative agreements to establish the IMAX China Film Fund with partner China Media Capital (“CMC”). The China Film Fund, which will initially be capitalized with $50 million, will co-finance approximately 15 Mandarin-language tent pole films over three years. The Fund will target productions that can leverage the IMAX® brand, technology, relationships, and release windows.

    The China Film Fund will take advantage of favorable trends in the Chinese market, strengthening the IMAX brand and capitalizing on relationships with studio, exhibitor and local distribution partners, as well as content creators. The Fund will enhance an already successful IMAX slate of Chinese DMR films and leverage CMC’s experience within China’s content creation industry.
    The Fund will target contributions of between $3 million and $7 million per film, and will operate under an IMAX-CMC greenlight committee. IMAX and CMC may potentially bring in other investors to increase the size of the Fund.

    “Our strong relationships with China’s most acclaimed studios and filmmakers mirror those we’ve established in Hollywood, thanks to the support of our valued partner CMC,” said IMAX CEO Richard L. Gelfond. “The Fund will further deepen our ties in the China film industry and allow us to generate the highest-quality Mandarin content for Chinese and international audiences alike. Our commitment to the success of our business in China and its filmmaking community is unwavering. Together, we are excited to launch a new and exciting chapter of filmmaking in China.”

    “The appetite for premium Chinese content among the nation’s moviegoers continues to grow. The Fund is an outgrowth of CMC’s privileged capability and extensive connections in the Chinese film industry and IMAX’s beloved brand and differentiated cinematic experience. We hope this will support the creation of more tentpole Mandarin-language films,” said CMC ChairmanRuigang Li. “Together we are thrilled to play a strategic role in shaping the future of filmed entertainment in China.”

    “Our early involvement in the Chinese cinema industry has afforded us tremendous brand value and has helped cement IMAX as the go-to format for blockbuster movies,” added Jiande Chen, CEO, IMAX China. “The Fund is a part of our continued growth and evolution within China that coincides with the nation’s growing cinema industry and trend toward locally-produced blockbuster content, which along with CMC we will now help to finance.”

  • Imax China and China Media Capital take next steps for $50 Million China film fund

    Imax China and China Media Capital take next steps for $50 Million China film fund

    MUMBAI: Imax Corporation and Imax China (HK.1970) today announced the completion of the formative agreements to establish the IMAX China Film Fund with partner China Media Capital (“CMC”). The China Film Fund, which will initially be capitalized with $50 million, will co-finance approximately 15 Mandarin-language tent pole films over three years. The Fund will target productions that can leverage the IMAX® brand, technology, relationships, and release windows.

    The China Film Fund will take advantage of favorable trends in the Chinese market, strengthening the IMAX brand and capitalizing on relationships with studio, exhibitor and local distribution partners, as well as content creators. The Fund will enhance an already successful IMAX slate of Chinese DMR films and leverage CMC’s experience within China’s content creation industry.
    The Fund will target contributions of between $3 million and $7 million per film, and will operate under an IMAX-CMC greenlight committee. IMAX and CMC may potentially bring in other investors to increase the size of the Fund.

    “Our strong relationships with China’s most acclaimed studios and filmmakers mirror those we’ve established in Hollywood, thanks to the support of our valued partner CMC,” said IMAX CEO Richard L. Gelfond. “The Fund will further deepen our ties in the China film industry and allow us to generate the highest-quality Mandarin content for Chinese and international audiences alike. Our commitment to the success of our business in China and its filmmaking community is unwavering. Together, we are excited to launch a new and exciting chapter of filmmaking in China.”

    “The appetite for premium Chinese content among the nation’s moviegoers continues to grow. The Fund is an outgrowth of CMC’s privileged capability and extensive connections in the Chinese film industry and IMAX’s beloved brand and differentiated cinematic experience. We hope this will support the creation of more tentpole Mandarin-language films,” said CMC ChairmanRuigang Li. “Together we are thrilled to play a strategic role in shaping the future of filmed entertainment in China.”

    “Our early involvement in the Chinese cinema industry has afforded us tremendous brand value and has helped cement IMAX as the go-to format for blockbuster movies,” added Jiande Chen, CEO, IMAX China. “The Fund is a part of our continued growth and evolution within China that coincides with the nation’s growing cinema industry and trend toward locally-produced blockbuster content, which along with CMC we will now help to finance.”

  • IMAX & Lumière sign 10-theatre revenue share agreement in China

    IMAX & Lumière sign 10-theatre revenue share agreement in China

    MUMBAI:  IMAX Corporation, IMAX China Holding Inc., and Sichuan Lumière Pavilions Company Ltd. (Lumière), a leading exhibitor in China, announced a full revenue share agreement for 10 new IMAX® theatres. The theatres will be added to new projects located in tier one and tier two cities throughout China and are slated to be installed by the end of 2019. The deal brings Lumière’s IMAX total to 19 theatres.

    “We consider IMAX a key competitive advantage for our business and today’s agreement is a direct result of the success we’ve experienced to date with IMAX, which generates incremental box office for our complexes,” said Jimmy Wu, Founder, Chairman and CEO of Sichuan Lumière Pavilions Company Ltd. “IMAX has become a part of the movie going mindset of people in China and we look forward to offering our patrons more of the best films around worldwide in the premium, state-of-the-art IMAX format.”

    “We are delighted to expand our relationship with Lumière – a valued partner that will bring new IMAX theatres to popular shopping malls in excellent locations across the country,” said IMAX Corp. CEO Richard L Gelfond.  “In the first quarter of this year, our signings growth in China was up 171% from last year.  Today’s agreement, along with our recently announced 40-theatre deal in China, signals that this momentum continues. With our end-to-end technology, high brand awareness in China, and the steady rapid expansion of the cinema business, we believe there is a sizable opportunity for us to continue expanding in China well beyond our current footprint.”

  • IMAX & Lumière sign 10-theatre revenue share agreement in China

    IMAX & Lumière sign 10-theatre revenue share agreement in China

    MUMBAI:  IMAX Corporation, IMAX China Holding Inc., and Sichuan Lumière Pavilions Company Ltd. (Lumière), a leading exhibitor in China, announced a full revenue share agreement for 10 new IMAX® theatres. The theatres will be added to new projects located in tier one and tier two cities throughout China and are slated to be installed by the end of 2019. The deal brings Lumière’s IMAX total to 19 theatres.

    “We consider IMAX a key competitive advantage for our business and today’s agreement is a direct result of the success we’ve experienced to date with IMAX, which generates incremental box office for our complexes,” said Jimmy Wu, Founder, Chairman and CEO of Sichuan Lumière Pavilions Company Ltd. “IMAX has become a part of the movie going mindset of people in China and we look forward to offering our patrons more of the best films around worldwide in the premium, state-of-the-art IMAX format.”

    “We are delighted to expand our relationship with Lumière – a valued partner that will bring new IMAX theatres to popular shopping malls in excellent locations across the country,” said IMAX Corp. CEO Richard L Gelfond.  “In the first quarter of this year, our signings growth in China was up 171% from last year.  Today’s agreement, along with our recently announced 40-theatre deal in China, signals that this momentum continues. With our end-to-end technology, high brand awareness in China, and the steady rapid expansion of the cinema business, we believe there is a sizable opportunity for us to continue expanding in China well beyond our current footprint.”

  • INOX ties-up with IMAX for five theatre systems

    INOX ties-up with IMAX for five theatre systems

    MUMBAI: INOX Leisure Limited (INOX) has announced an agreement with IMAX Corporation, for five IMAX theatre systems. These systems will be installed at existing INOX multiplexes in the cities of Mumbai, Bengaluru, Delhi and Kolkata, starting with INOX at R-City, Ghatkopar, Mumbai. With this deal, INOX plans to take the cinema viewing experience of its customers to the next level. The agreement represents the largest theatre deal for IMAX in India and brings the total number of IMAX theatres in the country to 20, with nine currently open and 11 contracted to open.

    “We have built our business on our commitment to create a premium customer experience and we view our partnership with IMAX as an extension of this strategy,” said INOX Leisure Ltd CEO Alok Tandon. “By associating ourselves with the IMAX brand and offering our guests a completely immersive cinema experience, we will continue to strengthen our position. We are particularly excited about shaping the future of cinema in India through such initiatives.”

    IMAX CEO Richard L. Gelfond added, “We’ve always said India is potentially a huge opportunity for us. Now is the time to grow in this strategically important market and this deal serves as an important first step. We believe that INOX adding IMAX theatres to its most successful complexes – which are situated in top-tier cities – will help us expand our network in India at a more rapid pace.”

  • INOX ties-up with IMAX for five theatre systems

    INOX ties-up with IMAX for five theatre systems

    MUMBAI: INOX Leisure Limited (INOX) has announced an agreement with IMAX Corporation, for five IMAX theatre systems. These systems will be installed at existing INOX multiplexes in the cities of Mumbai, Bengaluru, Delhi and Kolkata, starting with INOX at R-City, Ghatkopar, Mumbai. With this deal, INOX plans to take the cinema viewing experience of its customers to the next level. The agreement represents the largest theatre deal for IMAX in India and brings the total number of IMAX theatres in the country to 20, with nine currently open and 11 contracted to open.

    “We have built our business on our commitment to create a premium customer experience and we view our partnership with IMAX as an extension of this strategy,” said INOX Leisure Ltd CEO Alok Tandon. “By associating ourselves with the IMAX brand and offering our guests a completely immersive cinema experience, we will continue to strengthen our position. We are particularly excited about shaping the future of cinema in India through such initiatives.”

    IMAX CEO Richard L. Gelfond added, “We’ve always said India is potentially a huge opportunity for us. Now is the time to grow in this strategically important market and this deal serves as an important first step. We believe that INOX adding IMAX theatres to its most successful complexes – which are situated in top-tier cities – will help us expand our network in India at a more rapid pace.”

  • Imax & Omnijoi expand revenue share partnership in China with 15-theatre deal

    Imax & Omnijoi expand revenue share partnership in China with 15-theatre deal

    MUMBAI: Imax Corporation and Omnijoi Cinema Development Co., Ltd, (erstwhile Jiangsu Eudemonia Blue Ocean Cinema Development Co., Ltd.) have expanded their revenue sharing arrangement with the addition of 15 new Imax theatre systems in China.

     

    This agreement brings Omnijoi Cinemas’ total Imax commitment to 31 theatres and positions the exhibitor as the third-largest Imax exhibitor partner in China and fifth-largest globally.

     

    “Today’s agreement will see Omnijoi Cinemas nearly double its Imax footprint – a significant commitment that underscores the success of the Imax business model and the continued demand for The Imax Experience among Chinese moviegoers. Omnijoi is a valued partner that shares our passion for innovation and quality and together we look forward to continuing to change the way audiences in China experience today’s biggest blockbusters,” said Imax CEO Richard L. Gelfond.

     

    “This partnership is a direct result of the success of our existing Imax theatres that have delighted our guests with the best Chinese and Hollywood films in the world’s most immersive cinematic format. As we continue to expand our network of cinemas, Imax will be a flagship attraction at our upcoming complexes – one we are confident will continue to support our business,” said Omnijoi Media Group vice president Yang Shu.

     

    Omnijoi Cinema Development was founded especially to develop and operate cinemas. It has over 15 locations of five star Cineplex as of 31 May, 2015. The company is planning to invest billions RMB to build 150 Cineplex with 1200 screens and become a leading exhibitor in China.

  • Q2-2015: Record box office boosts Imax y-o-y revenue 30%, income per share 79%

    Q2-2015: Record box office boosts Imax y-o-y revenue 30%, income per share 79%

    BENGALURU: Joint-venture revenue sharing arrangements played a leading role in the 79 per cent increase in income per share to $0.34 from $0.19 for the Toronto, Canada based, New York Stock Exchange traded entertainment, technology and distribution company Imax Corp for the quarter (Q2-2015) ended 30 June, 2015. For the six month (YTD, 6M-2015) period of the current year, joint-venture revenue arrangement sharing also played a lead in the 70 per cent increase in income per share to $0.34 from $0.20 in 6M-2014.

     

    The company’s y-o-y revenue in the current quarter increased 29.8 per cent to $107.16 million as compared to the $79.145 million in Q2-2014. YTD, Imax revenue increased 33 per cent to $169.371 million from $127.342 million in 6M-2014.

     

    Company speak

     

    Revenue from sales and sales type leases was $18.7 million in the second quarter of 2015, compared to $14.5 million in the second quarter of 2014, primarily reflecting the installation of 15 full theatre systems (14 new, one used) under sales and sales type lease arrangements in the most recent second quarter, compared to the 11 sales type theatres the company installed in the prior year period. In addition, there were no upgrades in existing locations in the second quarter of 2015, compared to 4 xenon upgrades in the second quarter of 2014.

    Revenue from joint revenue sharing arrangements was $31.6 million in the quarter, compared to $19.4 million in the prior year period. During the quarter, the company installed 20 new theatres under joint revenue sharing arrangements, compared to 19 in the same period in 2014. The company had 477 theatres operating under joint revenue sharing arrangements as of June 30, 2015, as compared to 408 joint venture theatres one year prior.

     

    Production and Imax DMR (Digital ReMastering) revenues were $36.6 million in the second quarter of 2015, compared to $24 million in the second quarter of 2014. Gross box office from DMR titles was $343 million in the second quarter of 2014, compared to $216 million in the prior year period. The average global DMR box office per screen in the second quarter of 2014 was $414,600 compared to $299,800 in the prior year period.

    ”The second quarter of 2015 was one of the strongest in Imax’s history, delivering our highest revenue ever, growing adjusted EPS by 60per cent compared to the same period last year, record box office and quarterly per screen averages that we have not seen since Avatar in 2010,” said Imax CEO Richard L. Gelfond. ”We believe the strength of this quarter clearly demonstrates the impact that a strong slate of blockbuster films can have on Imax and the operating leverage that results.”

     

    ”Momentum also continued to build on the network side of our business with higher than expected installations and strong signings activity in the quarter,” continued Gelfond, who was in Vienna for the world premiere of Mission Impossible: Rogue Nation at the historic Vienna Opera House, which has been transformed into an Imax theatre for this event. ”Tonight’s M:I5 event is the continuation of the transformation of Imax’s brand from the smaller successes onto center stage. More agreements to use Imax cameras as well as Imax premieres such asFurious 7 and Jurassic World are a powerful marketer for our brand and also signal the increasingly important role Imax plays in the entertainment ecosystem.”

     

    Let us look at the other numbers reported by Imax

     

    Imax net income in Q2-2015 almost doubled (up 1.92 times) to $24.35 million as compared to the $13.307 million in the corresponding year ago quarter. Similarly, 6M-2015 net income almost doubled (went up 1.94 times) to $278.65 million as compared to the $143.58 million in 6M-2014.

     

    Note: (1) The primary revenue sources for the Company can be categorized into two main groups: theatre systems and films. On the theatre systems side, the Company derives revenues from theatre exhibitors primarily through either a sale or sales-type lease arrangement or a joint revenue sharing arrangement. Theatre exhibitors also pay for associated maintenance and extended warranty services. Film revenue is derived primarily from film studios for the provision of film production and digital re-mastering services for exhibition on Imax theatre systems around the world. The Company derives other film revenues from the distribution of certain films and the provision of post-production services. The Company also derives a small portion of other revenues from the operation of its own theatres, the provision of aftermarket parts for its system components, and camera rentals

     

    (2)The Company has seven reportable segments identified by category of product sold or service provided: Imax systems; theater system maintenance; joint revenue sharing arrangements; film production and Imax DMR; film distribution; film postproduction; and other. The Imax systems segment includes the design, manufacture, sale or lease of Imax theater projection system equipment. 

     

    The theater system maintenance segment includes the maintenance of Imax theater projection system equipment in the Imax theater network. The joint revenue sharing arrangements segment includes the provision of Imax theater projection system equipment to an exhibitor in exchange for a share of the boxoffice and concession revenues. The film production and Imax DMR segment includes the production of films and the performance of film remastering services. The film distribution segment includes the distribution of films for which the Company has distribution rights.

     

    The film postproduction segment provides film postproduction and film print services. The other segment includes certain Imax theaters that the Company owns and operates, camera rentals and other miscellaneous items.

     

    Imax Theater Systems

     

    Imax Theater Systems revenue in Q2-2015 increased 37.1 per cent to $63.117 million as compared to the $46.032 million in Q2-2014. YTD, revenue increased 37.2 per cent to $99.949 million from $72.843 million in 6M-2014.

     

    Gross margin from Imax Theater System increased 46.7 per cent in Q2-2015 to $40.695 million from $27.748 million in the corresponding year ago quarter. YTD, gross margin during the current six month period also increased by 46.7 per cent to $62.778 million as compared to the 42.805 million in 6M-2014.

     

    Joint venture revenue sharing arrangement numbers

     

    The Imax Theater System growth (as well as growth in Imax overall numbers) was led by a 63.2 per cent growth in the revenue from joint revenue sharing arrangements at $31.594 million in the current quarter, as compared to the $19.363 million in the corresponding year ago quarter.

     

    Gross Margin reported by Imax joint revenue sharing arrangements increased 79.9 per cent in Q2-2015 to $24.069 million from $13.378 million in the corresponding year ago quarter. YTD, gross margin during the current six month period increased by 67.9 per cent to $34.686 million as compared to the 20.661 million in 6M-2014.

     

    Imax systems numbers

     

    Imax systems revenue in Q2-2015 increased 24.3 per cent to $22.365 million as compared to the $17.996 million in Q2-2014. YTD, revenue increased 33.9 per cent to $34.479 million from $25.8756 million in 6M-2014.

     

    Gross margin from Imax systems increased 16.8 per cent in Q2-2015 to $13.537 million from $11.589 million in the corresponding year ago quarter. YTD, gross margin during 6M-2015 increased by 32.8 per cent to $21.722 million as compared to the 16.362 million in 6M-2014.

     

    Theater system maintenance numbers

     

    Theater system maintenance revenue in Q2-2015 increased 5.6 per cent to $9.158 million as compared to the $8.673 million in Q2-2014. YTD, revenue increased 6.8 per cent to $18.008 million from $16.868 million in 6M-2014.

     

    Gross margin from Theater system maintenance increased 11.1 per cent in Q2-2015 to $3.089 million from $2.781 million in the corresponding year ago quarter. YTD, gross margin during 6M-2015 increased by 10.2 per cent to $6.370 million as compared to the 5.782 million in 6M-2014.

     

    Films

     

    Films revenue increased 34 per cent in the current quarter to $36.369 million as compared to the $29.383 million in Q2-2014. For 6M-2015, revenue improved 24.5 per cent to $61.323 million as compared to the $49.257 million in the corresponding year ago six month period.

     

    Gross margin from Films improved 46.2 per cent in Q2-2015 to $28.454 million from $19.592 million in Q2-2014. For the six month period ended 30 June, 2015, Films gross margin increased 35.1 per cent to $42.392 million as compared to the $31.381 million in 6M-2014.

     

    Production and Imax DMR numbers

     

    Production and Imax DMR was the only segment in ‘Films’ to attain revenue and gross margin q-o-q  and YTD growth. Revenue in Q2-2015 grew 52.2 per cent to $36.603 million as compared to the $24.050 million in the corresponding year ago quarter. During 6M-2015, revenue grew 38.3 per cent to $54.279 million from $39.235 million in 6M-2014.

     

    Production and Imax DMR gross margin in the current quarter grew 52.9 per cent in Q2-2015 to $28.488 million as compared to the $18.634 million in Q2-2014. YTD, gross margin grew 40.4 per cent to $41.713 million from $29.708 million in 6M-2014.

     

    Distribution numbers

     

    Distribution revenue in Q2-2015 declined 60.6 per cent to $1.158 million as compared to the $2,942 million in Q2-2014. For 6M-2015, distribution revenue declined 42.2 per cent to $2.546 million in 6M-2015 as compared to the $4.405 million in 6M-2014.

     

    Distribution reported negative gross margin Q2-2015 at $0.351 million as compared to the $0.594 million in Q2-2014. For the six month period ended 30 June, 2015, Distribution gross margin was negative $0.216 million (loss) as compared to the $0.784 million in 6M-2014.

     

    Post Production numbers

     

    Post Production revenue in Q2-2015 declined 32.7 per cent to $1.608 million as compared to the $2.391 million in Q2-2014. For 6M-2015, revenue declined 19.9 per cent to $4.498 million as compared to the $5.617 million in 6M-2014.

     

    Post Production gross margin in the current quarter declined 12.9 per cent in Q2-2015 to $3.17 million as compared to the $364 million in Q2-2014. YTD, gross margin grew 0.7 per cent to $0.895 million from $0.889 million in 6M-2014.

     

    ‘Other’ numbers

     

    Revenue from ‘Other’ in Q2-2015 grew 25.3 per cent to $4.674 million as compared to the $3.73 million in Q2-2014. 6M-2015 revenue grew 54.5 per cent to $8.099 million as compared to the $5.242 million in 6M-2014.

     

    The ‘Other’ segment reported a negative gross margin in Q2-2015 of $0.114. For 6M-2015, gross margin was negative $0.154 million as compared to the $0.016 million in 6M-2014.

  • Imax forms 10 film fund with China Media Capital

    Imax forms 10 film fund with China Media Capital

    MUMBAI: Continuing to expand its footprint in the Chinese market, Imax Corporation has created the Imax China Film Fund with its subsidiary Imax China and China Media Capital, to help fund a minimum of 10 tentpole films in Mandarin.

     

    The China Film Fund, which will be capitalized at up to $50 million initially, will target productions that can leverage the Imax brand, relationships, technology and release windows, with the flexibility to produce Imax and non-Imax content, and develop original films or co-finance studio productions.

     

    Led by CMC founding chairman Ruigang Li, China’s prominent media and entertainment focused investment fund, acquired a 10 per cent interest in Imax’s China subsidiary in 2014.

     

    The intent of the China Film Fund is to leverage favorable current trends in the Chinese market, strengthening the Imax brand and capitalizing on relationships across studio, exhibitor and local distribution partners, as well as content creators. The Fund also is meant to support an existing slate of successful Chinese Imax DMR product including such past titles as The Monkey King and Dragon Blade, and leverage CMC’s experience within China’s content-creation industry.

     

    “For more than a decade, Imax has strived to be and continues to work toward being a part of the Chinese entertainment ecosystem,” said Imax CEO Richard L. Gelfond from Shanghai, where he delivered a keynote address at the Shanghai International Film Festival.

     

    “This fund is the next step in that evolution as it allows us to join with our good partner CMC and work closely with the country’s top filmmakers to bring to Chinese audiences and to export to international audiences top-quality Mandarin content,” Gelfond added.

     

    “CMC has witnessed, and been part of, the exciting development of China’s film industry through this most dynamic time with a series of strategic investments. We are determined to continue this effort, and we believe that by teaming up with our partners such as Imax, which has world-class industry leading technology and an extensive global network, we will be able to create a technology-driven force that is unique and immensely helpful to China films’ realizing their full potential in the global market,” added CMC chairman Li.

     

    “Imax is committed to continuing our growth in China and meeting the rising demand of Chinese audiences for premium content. Coupled with the significant expansion of the Imax theatre network in China, totaling more than 205 Imax screens to date, the establishment of this Imax China Film Fund points directly to our pledge to help grow the Chinese film market,” said Imax China CEO Jiande Chen.

     

    Through the Fund, Imax China and CMC will be able to provide new digital content to theatres throughout China, as well as to select theatres in Imax’s global network. The Fund will target contributions of between $3 million and $7 million per film, and will operate under an Imax-CMC greenlight committee. The Fund is also in discussions with additional investors.

  • IMAX enters into expanded $200 million credit facility

    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.