Camera manufacturer Panavisionhas refinanced its debt and signed a $345m senior secured credit facility as itembarks upon a new phase of corporate expansion.

The company'spresident and chief executive officer Bob Beitcher said the move allowedPanavision to develop new products following the success of the Genesis digitalcamera, and expand its worldwide television operation, among other things.

The company alsopaid $15m in cash and issued 49,792 shares of its Series F stock to majorityshareholder PX Holding Corporation in consideration of the payment of thebalance of an approximately $65m loan.

Credit Suisseand Bear Stearns acted as joint bookrunners and co-lead arrangers of the newfacility.