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Underwriters will be granted over-allotment options to buy up to another 941,250 common equity and up to additional USD7.5m total senior notes.
The company stated that the senior notes will be convertible into Photronics common stock and the interest rate, conversion price and other terms of the senior notes will negotiated between it and the underwriters. In addition, Photronics said that neither closing is dependent on the other.
The sole book-runner acting for both offerings is Morgan Stanley, while Needham & Company, DA Davidson & Co and Stifel Nicolaus & Company are acting as co-managers.
Net proceeds will be used by the company to repay part of its outstanding bank borrowings.
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