Imax to redeem $75 mil in senior notes

After redemption, $29.4 mil in notes remain outstanding

TORONTO -- Giant screen exhibitor Imax Corp. is to redeem another $75 million of senior notes due Dec. 1, 2010.

Toronto-based Imax said it will pay 100% of the 9 5/8% senior notes, plus accrued and unpaid interest.

Imax said it has redeemed $55.6 million of its original issue of $160 million of notes following equity offerings in June and August to raise $130.7 million in cash.

On completing the current redemption, Imax said $29.4 million in senior notes will remain outstanding.

Imax CEO Richard Gelfond in a statement said the exhibitor was holding talks to secure the remaining debt financing required to fully redeem the senior notes issue.