Imax repurchases senior notes

Exhibitor agreement comes after plans to sell stock

TORONTO -- Giant-screen exhibitor Imax Corp. said Tuesday that it repurchased $44.3 million of its 9.625% senior notes due Dec. 1, 2010, at $0.9775 cents on the dollar.

The bonds repurchase agreement comes after Toronto-based Imax unveiled plans last week to sell as much as $80.58 million worth of its stock as part of a public offering to reduce its debt, including its outstanding bonds.

Imax CEO Richard Gelfond said the debt refinancing "at a discount represents a good return on investment on behalf of our shareholders and is a key step toward refinancing our remaining long-term debt in a timely and cost effective manner."