BROOKFIELD, Conn.--(BUSINESS WIRE)--
Photronics,
Inc. (NASDAQ:PLAB) today announced that it will enter into separate,
privately negotiated exchange agreements under which it will exchange
$57.5 million in aggregate principal amount of its outstanding 3.25%
Convertible Senior Notes due 2016 (the "2016 Notes") for its issuance of
a new series of 3.25% Convertible Senior Notes due 2019 (the "2019
Notes") in an aggregate original principal amount of $57.5 million. The
2019 Notes will mature on April 1, 2019 and retain the same conversion
rate (96.3879 shares of common stock per $1,000, equivalent to a strike
price of approximately $10.37 per share of common stock) as the 2016
Notes.
Following these transactions, $57.5 million in aggregate principal
amount of the 2016 Notes will remain outstanding with terms unchanged.
The exchange is expected to close on January 22, 2015 subject to
customary closing conditions.
Photronics completed the exchange with qualified institutional buyers
and accredited investors pursuant to Section 4(a)(2) under the
Securities Act of 1933.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
notes or the common stock into which the notes will be convertible in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such jurisdiction.
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. These forward-looking statements
generally can be identified by phrases such as "believes", "expects",
"anticipates", "plans", "projects", "could", "estimate", "intend",
"may", "will" and similar expressions. 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.
02-2015
For Further Information:
Photronics, Inc.
Pete
Broadbent, 203-775-9000
Vice President, Investor Relations &
Marketing
pbroadbent@photronics.com
Source: Photronics, Inc.
News Provided by Acquire Media
