Photronics Acquires $30.4 Million Aggregate Principal Amount of Its Outstanding 5.5% Convertible Notes
March 30 2011 - 4:30PM
Business Wire
Photronics, Inc. (NASDAQ:PLAB), a worldwide leader in supplying
innovative imaging technology solutions for the global electronics
industry, today announced that it acquired $30.4 million aggregate
principal amount of its 5.5% convertible senior notes due in
October 2014.
The convertible notes were acquired in individually negotiated
transactions, by delivering approximately $19.7 million in cash and
approximately 4.5 million shares of its common stock with an
approximate value of $39.2 million. As a result, the Company
expects to record an after-tax charge in the range of $30 million
to $31 million, of which approximately 67% is expected to be
noncash. As a result of the after-tax charge and the issuance of
common stock, the Company's equity will increase by approximately
$9 million.
Additional debt repurchases may be made from time to time at
prices Photronics considers to be attractive. The timing and amount
of such repurchases, if any, will depend on many factors, including
but not limited to, the availability of capital, prevailing market
price of its debt, and overall market conditions. No assurance can
be given that the Company will repurchase any additional debt.
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 involve
risks and uncertainties that may affect the Company's operations
and financial condition.
08-2011
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