IMAX Completes Cross-Border Private Placment

IMAX Corp. completed, on December 4, 2003, a cross-border private placement of US$16 million of 9 5/8 per cent senior notes due on December 1, 2010. The notes were offered to accredited investors in Canada and, in the US, pursuant to Rule 144A. In connection with the offering, IMAX, the various guarantors of the notes and the initial purchasers of the notes entered into a registration rights agreement providing for a registered exchange offer. The proceeds of the offering were used to retire, by way of a tender offer, consent solicitation and redemption, IMAX’s outstanding 7 7/8 per cent senior notes due in 2005.

IMAX was represented in-house by Robert Lister, executive vice-president, business and legal, and general counsel; and Mary Ruby, deputy general counsel, senior vice-president, legal, and corporate secretary; and in Canada by McCarthy Tétrault LLP, with a team that included Phil Moore, David Judson, Jay Hoffman, Linda Pieterson, France Tenaille, Alison Breen, Carmen Coccimiglio and Douglas Cannon (tax); and in the US by Shearman & Sterling LLP in Toronto, with a team that included Brice Voran, Christopher Cummings, Jason Lehner, Ruchi Kaushal and Doug Nathanson.

The initial purchasers, Credit Suisse First Boston, as sole book-running manager, Jefferies and Co., Inc., Wachovia Securities and US Bancorp Piper Jaffray, were represented in Canada by Osler, Hoskin & Harcourt LLP, with a team that included Robert Lando, Andrea Whyte and Dov Begun (tax); and in the US by Skadden, Arps, Slate, Meagher & Flom LLP, with a team that included Christopher Morgan, Robert Chilstrom, Casey Fleck, Avi Ganatra, Robert Normandeau, Sally Whitehead, Michael Mies and Emmanuelle Ejercito.