BROOKFIELD, Conn.--(BUSINESS WIRE)--
Photronics,
Inc. (NASDAQ:PLAB), a worldwide leader in supplying innovative
imaging technology solutions for the global electronics industry,
announced today that it has entered into a new five-year revolving
credit facility with its existing lenders in the amount of $50 million,
with an expansion capability to $75 million, replacing its existing $30
million revolving credit facility due to mature in April 2015. JP Morgan
Chase Bank, N.A. will serve as administrative and collateral agent for
this facility with TD Bank, N.A., and RBS Citizens, National Association
as syndication agents. In connection therewith, Photronics repaid all
outstanding amounts of its previously existing $21.3 million term loan
due to mature in March 2017. The new credit agreement provides for
increased financial flexibility, reduced interest rates and relaxed
covenants. Sean T. Smith, chief financial officer of Photronics,
commented, "This new credit facility provides the flexibility we need to
support our growth and leadership position in the merchant photomask
market, as well as to reduce expenses."
About Photronics
Photronics
is a leading worldwide manufacturer of photomasks.
Photomasks are high precision quartz plates that contain microscopic
images of electronic circuits. A key element in the manufacture of
semiconductors and flat panel displays, photomasks are used to transfer
circuit patterns onto semiconductor wafers and flat panel substrates
during the fabrication of integrated circuits, a variety of flat panel
displays and, to a lesser extent, other types of electrical and optical
components. They are produced in accordance with product designs
provided by customers at strategically located manufacturing
facilities in Asia, Europe, and North America. Additional
information on the Company can be accessed at www.photronics.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for forward-looking statements made by or on behalf of
Photronics, Inc. and its subsidiaries (the Company). The forward-looking
statements contained in this press release and other parts of
Photronics' web site involve risks and uncertainties that may affect the
Company's operations, markets, products, services, prices, and other
factors. These risks and uncertainties include, but are not limited to,
economic, competitive, legal, governmental, and technological factors as
well as decisions we may make in the future regarding our business,
capital structure and other matters. Accordingly, there is no assurance
that the Company's expectations will be realized. For a fuller
discussion of the factors that may affect the Company's operations, see
"Forward Looking Statements" in the Company's Quarterly and Annual
Reports to the Securities and Exchange Commission on Forms 10-Q and
10-K. The Company assumes no obligation to provide revisions to any
forward-looking statements.
17-2013
Photronics, Inc.
Pete Broadbent, 203-775-9000
Vice President,
Investor Relations & Marketing
pbroadbent@photronics.com
Source: Photronics, Inc.
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