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IN BRIEF / Southern California

Panavision Cancels $200-Million Bond Sale

April 12, 2002|Bloomberg News

Panavision Inc., a movie camera maker controlled by billionaire Ronald Perelman, canceled a $200-million bond sale because it couldn't find enough buyers for the debt. The Woodland Hills-based company also said it put off a plan to replace its existing bank-credit agreement.

Panavision had planned to use proceeds from the note sale and funds from the new bank line to pay off existing bank debt and its 9.63% notes maturing in 2006. The company faces bank fees and a cash interest payment on its subordinated notes in August, said Christina Padgett, analyst at Moody's Investors Service.

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