Photronics Enters into New Credit Facility and Repays Its Previously Existing Credit Facility and Term Loan
February 16 2010 - 7:30AM
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 three-year
revolving credit facility in the amount of $50 million, with an
expansion capability to $65 million. JP Morgan Chase Bank, N.A.
will serve as administrative and collateral agent for this facility
with RBS Citizens, National Association as syndication agent. In
connection therewith, Photronics repaid all outstanding amounts of
its previously existing credit facility and term loan which was due
to mature on January 31, 2011. The new credit agreement provides
for reduced interest rates and covenant amendments, collectively,
to the benefit of 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 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.
04-2010
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