Imax buys back convertibles, reducing outstanding to $10.1 million

New York, March 25 - Imax Corp. said it has bought back $19.5 million face amount of its 5¾% convertible subordinated notes due April 1, 2003 so far this year for a combination of cash and stock, reducing the outstanding amount to $10.1 million.

Those repurchases follow $70.4 million of buybacks during 2001.

The Mississauga, Ont. company originally issued $100 million of the convertibles in April 1996.

For the $19.5 million face amount of the notes bought back so far this year, Imax paid $7.3 million, made up of $5.2 million of cash and $2.1 million of common shares, according to a filing with the Securities and Exchange Commission.

Last year's repurchases of $70.4 million face amount of notes cost $13.7 million, made up of $12.5 million of cash and $1.2 million of stock.

The notes are convertible at $21.406 per share. Imax stock closed at $4.30 on Friday.

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