SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
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|Item 1.01|| |
Entry into a Material Definitive Agreement.
On July 28, 2021, IMAX Corporation (the “Company”) entered into the Third Amendment (the “Amendment”) to the Fifth Amended and Restated Credit Agreement (as amended by the First Amendment to the Fifth Amended and Restated Credit Agreement, dated as of June 10, 2020, and the Second Amendment to the Fifth Amended and Restated Credit Agreement, dated as of March 15, 2021, the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders party thereto. The Amendment amended the Credit Agreement to, among other things, (i) add $30 million in permitted share repurchases at the Company, subject to a $300 million pro forma minimum liquidity covenant and (ii) increase permitted share repurchases at IMAX China Holding, Inc. from $5 million to $20 million, subject to pro forma compliance with the existing financial covenants set forth in the Credit Agreement. The modifications pursuant to the Amendment are effective until the earlier of the delivery of the compliance certificate for the fourth quarter of 2022 or the date on which the Company, in its sole discretion, elects to calculate its compliance with the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement) by using either its actual EBITDA or annualized EBITDA.
The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
|Item 9.01|| |
Financial Statements and Exhibits.
|10.1||Third Amendment to the Fifth Amended and Restated Credit Agreement, dated as of July 28, 2021.|
|104||Cover Page Interactive Data File (formatted as inline XBRL)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: July 29, 2021|
|Name:||Robert D. Lister|
|Title:||Chief Legal Officer and Senior Executive Vice President|
|Name:||Kenneth I. Weissman|
|Title:||Senior Vice President, Legal Affairs and Corporate Secretary|