Photronics Announces Private Exchange of $57.5 Million of Convertible Notes Due 2019 for Existing Convertible Notes Due 2016
January 16 2015 - 5:49PM
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,
203-775-9000Vice President, Investor Relations &
Marketingpbroadbent@photronics.com
Photronics (NASDAQ:PLAB)
Historical Stock Chart
From May 2024 to Jun 2024
Photronics (NASDAQ:PLAB)
Historical Stock Chart
From Jun 2023 to Jun 2024