Imax gets $10 million credit line

Funding will help with digital strategy

TORONTO -- Giant-screen exhibitor Imax Corp. Monday said it has secured a new $10 million revolving line of credit with the Bank of Montreal, which replaces its $5 million credit facility with the same Canadian bank.

The debt refinancing adds to an existing $40 million secured credit facility, and $37.5 million in cash on hand as of Sept. 30, which has been used to help roll out its joint venture digital projection systems.

Toronto-based Imax said it has "ample funding" available to carry out its digital strategy, which has seen 14 digital projection systems installed to date.