New Issue: Imax sells $160 million seven-year notes to yield 9 5/8%

By Paul A. Harris

St. Louis, Nov. 19 - Imax Corp. sold $160 million of senior notes due Dec. 1, 2010 (B3/B-) at par Wednesday to yield 9 5/8%, according to a syndicate source.

Price talk was for a yield in the 9¾% area.

Credit Suisse First Boston ran the books on the Rule 144A transaction. Jefferies & Co., Wachovia Securities and U.S. Bancorp Piper Jaffray were co-managers.

Imax will use proceeds to fund its tender for $153 million of 7 7/8% senior notes due 2005.

The issuer is a Mississauga, Ont.-based movie theater operator.

Issuer:	IMAX Corp.
Amount:	$160 million
Maturity:	Dec. 1, 2010
Security description:	Senior notes
Bookrunner:	Credit Suisse First Boston
Co-managers:	Jefferies & Co., Wachovia Securities, U.S. Bancorp Piper Jaffray
Coupon:	9 5/8%
Price:	Par
Yield:	9 5/8%
Spread:	607 basis points over 5¾% Treasury due August 2010
Call Features:	Callable after Dec. 1 2007 at 104.813, then 102.406, declining to par on Dec. 1, 2009 and thereafter
Equity clawback:	Until Dec. 1, 2006 at 109.625 for up to 35%
Settlement date:	Dec. 4 (T+10)
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A Cusip:	45245EAF6
Price talk:	9¾% area

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