EXHIBIT 99.3
(IMAX LOGO)
IMAX CORPORATION
2525 Speakman Drive
Mississauga, Ontario, Canada L5K 1B1
Tel: (905)403-6500 Fax: (905)403-6450
IMAX CORPORATION MODIFIES TENDER OFFER
TORONTO, CANADA - NOVEMBER 19, 2003 -- IMAX Corporation (Nasdaq:IMAX; TSX:IMX)
today announced that it has modified its offer to purchase all of its
outstanding $152.8 million principal amount of 7 7/8 % Senior Notes due 2005.
Under the terms of the revised tender offer, the total consideration to be paid
to holders that tender their Senior Notes and deliver their consents prior to
12:01 a.m., New York City time, on the extended consent date, December 4, 2003,
will be equal to $1,025 per $1,000 principal amount of the Senior Notes, which
includes an increased consent payment of $7.81 per $1,000 principal amount of
the Senior Notes. Holders that tender their Senior Notes after 12:01 a.m. on
December 4, 2003, and prior to the expiration of the tender offer, will receive
$1,017.19 per $1,000 principal amount of the Senior Notes.
The tender offer will expire at 9:00 a.m., New York City time, on December 18,
2003, unless extended or earlier terminated by IMAX Corporation. IMAX
Corporation 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 for each $1,000 principal amount of the Senior
Notes, plus accrued and unpaid interest to, but not including, the redemption
date.
Information regarding the pricing, tender and delivery procedures and conditions
of the tender offer and consent solicitation is contained in the Offer to
Purchase and Consent Solicitation Statement dated November 12, 2003, and related
documents. Copies of these documents can be obtained by contacting MacKenzie
Partners, Inc., the information agent, at (800) 322-2885 (toll free) or (212)
929-5500 (collect). Credit Suisse First Boston is the exclusive dealer manager
and solicitation agent. Additional information concerning the terms and
conditions of the tender offer and consent solicitation may be obtained by
contacting Credit Suisse First Boston at (800) 820-1653 (toll free) or (212)
325-3175 (collect) or (416) 352-4506 (Canadian residents collect).
Earlier today, IMAX Corporation announced that it had signed a purchase
agreement for the sale, on a private placement basis, in the United States
pursuant to Rule 144A under the Securities Act of 1933, as amended (the
"Securities Act") and in certain Canadian provinces, of $160 million in
aggregate principal amount of 9 5/8% senior notes with a maturity of December 1,
2010. IMAX Corporation intends to use the proceeds of this offering to pay the
consideration under this tender offer and consent solicitation. The tender offer
is conditional on the completion of this offering. These notes have not been,
and will not be registered under the Securities Act or any state
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securities laws, and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements.
This press release contains forward looking statements that are based on
management assumptions and existing information and involve certain risks and
uncertainties which could cause actual results to differ materially from future
results expressed or implied by such forward looking statements. Some of these
risks and uncertainties are discussed in the Company's Annual Report on Form
10-K/A for the year ended December 31, 2002 and in the subsequent reports filed
by the Company with the Securities and Exchange Commission.
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For additional information please contact:
MEDIA: ANALYSTS:
IMAX CORPORATION, New York IMAX CORPORATION, New York
Romi Schutzer Jennifer Gery
212-821-0144 212-821-0144
rschutzer@imax.com jgery@imax.com
ENTERTAINMENT MEDIA: BUSINESS MEDIA:
Newman & Company, Los Angeles Sloane & Company, New York
Al Newman Whit Clay
818-784-2130 212-446-1864
asn@newman-co.com wclay@sloanepr.com