Imax drops on planned $200 mln convertible offering

IMAX China Holding

16/03/2021 19:05

** Imax Corp  IMAX.N  shares down 12.1% at $20.63 as theater
operator looks to raise capital
    ** Stock on track for worst day since last Mar; trading
volume of ~3.2 mln shares is 3.6x the 30-DMA, per Refinitiv
    ** IMAX after the bell Mon said offering privately $200 mln
5-yr convertible senior notes  urn:newsml:reuters.com:*:nPn6JBb1Wa
    ** Co plans to use ~$150 mln to repay debt, remainder for
working capital and general corp purposes
    ** IMAX has ~$1.4 bln market cap as of Mon close (Refinitiv)
    ** Stock has gained >50% over the past six months as vaccine
rollouts prompt more states to ease pandemic lockdowns

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))