Photronics Secures New $125 Million, 5-year Credit Facility
BROOKFIELD, Connecticut June 11, 2007 -- Photronics, Inc. (Nasdaq:PLAB), a worldwide leader in supplying innovative photomask-based imaging solutions for the global electronics and display industries, announced that it has finalized a new $125 million five year credit facility. JPMorgan Chase Bank will serve as administrative agent and collateral agent for this credit facility. Citizens Bank of Massachusetts; HSBC Bank USA, National Association; and Citibank, N.A. will serve as co-syndication agents. Additional participants in the five year credit facility include Bank of America, NA and UBS Loan Finance LLC.
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). Certain statements in this press release may constitute forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual outcomes and results to differ materially. Certain of those risks and uncertainties may affect the Company's operations, markets, products, services, prices, and other factors as discussed in filings with the U. S. Securities and Exchange Commission (SEC). These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental, and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements.