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IMAX tenders for 7 7/8% notes
New York, Nov. 12 - IMAX Corp. said that it had begun a cash tender offer for all $152.8 million of its outstanding 7 7/8% senior notes due 2005, and is also soliciting noteholder consents to proposed indenture amendments that would eliminate substantially all of the covenants and certain events of default.
It set 5 p.m. Nov. 20 as the consent deadline and said that the offer would expire at 9 a.m. ET on Dec. 11, with both deadlines subject to possible extension.
IMAX, a Toronto-based motion picture technology company and theater operator, said that the total consideration to be paid to holders who tender their notes and deliver their consents by the consent deadline will be $1,019.69 per $1,000 principal amount, including a consent payment of $2.50 per $1,000 principal amount. Holders tendering after the consent deadline but before the expiration will receive of $1,017.19 per $1,000 principal amount, but no consent payment.
The tender offer is subject to various conditions, including the receipt of consents necessary to approve the amendments to the notes' indenture and a financing condition.
IMAX said that it intends to redeem all senior notes not tendered and accepted for payment shortly after the expiration or termination of the tender offer at a redemption price of $1,019.69 per $1,000 principal amount, plus accrued and unpaid interest up to, but not including, the redemption date.
It separately announced that it intends to sell up to $160 million of new senior notes due 2010 and use the proceeds of the offering to pay the consideration under the tender offer and consent solicitation. The tender offer is conditional on the completion of this note offering.
Credit Suisse First Boston is the dealer manager and solicitation agent (call 800 820-1653 or collect at 212 325-3175; in Canada call collect at 416 352-4506). The information agent is MacKenzie Partners, Inc. (call 800 322-2885 or collect at 212 929-5500).
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