Panavision defeases 9 5/8% notes, to redeem on Jan. 3

New York, Dec. 2 - Panavision Inc. said it defeased its 9 5/8% Senior subordinated discount exchange notes due Feb. 1, 2006 and will redeem them on Jan. 3.

The defeasance was completed by depositing with the trustee $67.48 million, sufficient to cover the principal and accrued interest through the redemption date, according to an 8-K filing with the Securities and Exchange Commission.

Panavision currently has $64.792 million principal amount of the notes outstanding.

Funding came from a new $64.792 million term loan from controlling stockholder, PX Holding Corp., a wholly owned subsidiary of MacAndrews & Forbes Holdings Inc.

The subordinated term loan pays interest at 9 5/8%, matures on Dec. 31, 2007 and has similar covenants to the notes.

Panavision is a Woodland Hills, Calif., designer, manufacturer and supplier of precision camera systems for the motion picture, television series and television commercial markets.

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