UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)
Photronics, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
719405102
(CUSIP Number)
December 31, 2009
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
- ----------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 10 Pages
CUSIP No. 719405102 13G Page 2 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
Highbridge International LLC
- -----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
- -----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$11,975,000 aggregate principal amount of 5.5%
OWNED BY Convertible Senior Notes due 2014, convertible
into 2,355,545 shares of Common Stock
EACH --------------------------------------------------------
REPORTING (7) SOLE DISPOSITIVE POWER
0
PERSON WITH --------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$11,975,000 aggregate principal amount of 5.5%
Convertible Senior Notes due 2014, convertible
into 2,355,545 shares of Common Stock
- -----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$11,975,000 aggregate principal amount of 5.5% Convertible
Senior Notes due 2014, convertible into 2,355,545 shares of
Common Stock
- -----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN
SHARES (see instructions)
[ ]
- -----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.24%
- -----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
OO
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CUSIP No. 719405102 13G Page 3 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
Highbridge Statistical Opportunities Master Fund, L.P.
- -----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
- -----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
108,917 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
108,917 shares of Common Stock
- -----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
108,917 shares of Common Stock
- -----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
- -----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.20%
- -----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
PN
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CUSIP No. 719405102 13G Page 4 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
STAR L.P. (a statistical arbitrage strategy)
- -----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
- -----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
160,288 shares of Common Stock
OWNED BY --------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING --------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
160,288 shares of Common Stock
- -----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
160,288 shares of Common Stock
- -----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
- -----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.30%
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(12) TYPE OF REPORTING PERSON (see instructions)
PN
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CUSIP No. 719405102 13G Page 5 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
Highbridge Capital Management, LLC
- -----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------
(3) SEC USE ONLY
- -----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$11,975,000 aggregate principal amount of 5.5%
OWNED BY Convertible Senior Notes due 2014, convertible
into 2,355,545 shares of Common Stock
EACH
269,205 shares of Common Stock
REPORTING --------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$11,975,000 aggregate principal amount of 5.5%
Convertible Senior Notes due 2014, convertible
into 2,355,545 shares of Common Stock
269,205 shares of Common Stock
- -----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$11,975,000 aggregate principal amount of 5.5% Convertible
Senior Notes due 2014, convertible into 2,355,545 shares of
Common Stock
269,205 shares of Common Stock
- -----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
- -----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.73%
- -----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
OO
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CUSIP No. 719405102 13G Page 6 of 10 Pages
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(1) NAMES OF REPORTING PERSONS
Glenn Dubin
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
- -----------------------------------------------------------------------
(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- -----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES --------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
$11,975,000 aggregate principal amount of 5.5%
OWNED BY Convertible Senior Notes due 2014, convertible
into 2,355,545 shares of Common Stock
EACH
269,205 shares of Common Stock
REPORTING --------------------------------------------------------
PERSON WITH (7) SOLE DISPOSITIVE POWER
0
--------------------------------------------------------
(8) SHARED DISPOSITIVE POWER
$11,975,000 aggregate principal amount of 5.5%
Convertible Senior Notes due 2014, convertible
into 2,355,545 shares of Common Stock
269,205 shares of Common Stock
- -----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
$11,975,000 aggregate principal amount of 5.5% Convertible
Senior Notes due 2014, convertible into 2,355,545 shares of
Common Stock
269,205 shares of Common Stock
- -----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
- -----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.73%
- -----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
IN
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CUSIP No. 719405102 13G Page 7 of 10 Pages
This Amendment No. 1 (this "Amendment") amends the statement on Schedule 13G
filed on October 20, 2009 (the "Original Schedule 13G" and the Original Schedule
13G as amended, the "Schedule 13G"), with respect to the shares of Common Stock,
$0.01 par value per share (the "Common Stock"), of Photronics, Inc., a
Connecticut corporation (the "Company"). Capitalized terms used herein and not
otherwise defined in this Amendment have the meanings set forth in the Schedule
13G. This Amendment amends and restates Items 2(a), 2(b), 2(c), 4 and 5 in their
entirety as set forth below.
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
HIGHBRIDGE INTERNATIONAL LLC
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
HIGHBRIDGE STATISTICAL OPPORTUNITIES MASTER FUND, L.P.
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
STAR, L.P. (A STATISTICAL ARBITRAGE STRATEGY)
c/o Harmonic Fund Services
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
HIGHBRIDGE CAPITAL MANAGEMENT, LLC
40 West 57th Street, 33rd Floor
New York, New York 10019
Citizenship: State of Delaware
GLENN DUBIN
c/o Highbridge Capital Management, LLC
40 West 57th Street, 33rd Floor
New York, New York 10019
Citizenship: United States
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
As of December 31, 2009, (i) Highbridge International LLC beneficially
owned $11,975,000 aggregate principal amount of 5.5% Convertible Senior Notes
due 2014, (the "Notes"), convertible into 2,355,545 shares of Common Stock, (ii)
CUSIP No. 719405102 13G Page 8 of 10 Pages
Highbridge Statistical Opportunities Master Fund, L.P. beneficially owned
108,917 shares of Common Stock, (iii) STAR, L.P. (a statistical arbitrage
strategy) beneficially owned 160,288 shares of Common Stock and (iv) each of
Highbridge Capital Management, LLC and Glenn Dubin may have been deemed the
beneficial owner of the $11,975,000 aggregate principal amount of Notes,
convertible into 2,355,545 shares of Common Stock beneficially owned by
Highbridge International LLC and the 269,205 shares of Common Stock beneficially
owned by Highbridge Statistical Opportunities Master Fund, L.P. and STAR, L.P.
(a statistical arbitrage strategy).
Highbridge Capital Management, LLC is the trading manager of
Highbridge International LLC, Highbridge Statistical Opportunities Master Fund,
L.P. and STAR, L.P. (a statistical arbitrage strategy). Glenn Dubin is the Chief
Executive Officer of Highbridge Capital Management, LLC. The foregoing should
not be construed in and of itself as an admission by any Reporting Person as to
beneficial ownership of shares of Common Stock owned by another Reporting
Person. In addition, each of Highbridge Capital Management, LLC and Glenn Dubin
disclaims beneficial ownership of shares of Common Stock held by Highbridge
International LLC, Highbridge Statistical Opportunities Master Fund, L.P. and
STAR, L.P. (a statistical arbitrage strategy).
(b) Percent of class:
The Company's annual report for the fiscal year ended November 1,
2009, filed on Form 10-K on January 8, 2010, indicates that as of December 31,
2009, there were 53,185,252 shares of Common Stock outstanding. Therefore, as of
December 31, 2009, based on the Company's outstanding shares of Common Stock
and, for purposes of clauses (i) and (iv) below, assuming the conversion of the
Notes, (i) Highbridge International LLC may have been deemed to beneficially own
4.24% of the outstanding shares of Common Stock of the Company, (ii) Highbridge
Statistical Opportunities Master Fund, L.P. may have been deemed to beneficially
own 0.20% of the outstanding shares of Common Stock of the Company, (iii) STAR,
L.P. (a statistical arbitrage strategy) may have been deemed to beneficially own
0.30% of the outstanding shares of Common Stock of the Company and (iv) each of
Highbridge Capital Management, LLC and Glenn Dubin may have been deemed to
beneficially own 4.73% of the outstanding shares of Common Stock of the Company.
The foregoing should not be construed in and of itself as an admission by any
Reporting Person as to beneficial ownership of shares of Common Stock owned by
another Reporting Person.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0
(ii) Shared power to vote or to direct the vote
See Item 4(a)
(iii) Sole power to dispose or to direct the disposition of
0
(iv) Shared power to dispose or to direct the disposition of
CUSIP No. 719405102 13G Page 9 of 10 Pages
See Item 4(a)
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the
date hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following: [X]
CUSIP No. 719405102 13G Page 10 of 10 Pages
SIGNATURES
After reasonable inquiry and to the best of its knowledge and
belief, each of the undersigned certifies that the information with respect to
it set forth in this statement is true, complete, and correct.
Dated: February 11, 2010
HIGHBRIDGE CAPITAL MANAGEMENT, LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC
its Trading Manager
By: /s/ John Oliva
---------------------------- By: /s/ John Oliva
Name: John Oliva ----------------------------
Title: Managing Director Name: John Oliva
Title: Managing Director
HIGHBRIDGE STATISTICAL OPPORTUNITIES STAR, L.P. (a statistical arbitrage
MASTER FUND, L.P. strategy)
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
its Trading Manager its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
---------------------------- ----------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
/s/ Glenn Dubin
- ----------------------------
GLENN DUBIN