Imax buys back further $42 million of convertibles for cash and stock

New York, Jan. 8 - Imax Corp. said it bought back a further $42 million principal amount of its 5¾% convertible subordinated notes due April 1, 2003 bringing total repurchases of the $100 million issue to $90 million.

The Toronto, Ontario cinema company said it and its Mitey Cinemas, Inc. unit paid a combination of cash and 1.7 million shares for the $90 million of notes with an average cost of less than 24% of face value.

"The retirement of 90% of these notes virtually eliminates any April 2003 re-financing risk and puts IMAX on a solid financial footing to implement our long-term growth strategy," said Imax co-chief executive officers Richard L. Gelfond and Bradley J. Wechsler in a news release.

The company said almost all its remaining debt is its senior notes due December 2005.

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