Photronics raises $46 million through public offering of common stock

Thu. September 17, 2009; Posted: 02:25 PM

Sep 17, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- PLAB | Quote | Chart | News | PowerRating -- Photronics, Inc., a US-based manufacturer of photomasks, has raised $46 million through a public offering of common stock. Including the over-allotment option, which was exercised in full by the underwriters, the company sold a total of 11,084,337 shares of its common stock at a price of $4.15 per share.

Update on September 11, 2009:

Photronics has priced its public offering 9,638,554 shares of its common stock at a price of $4.15 per share to raise gross proceeds of approximately $40 million.

Photronics has also granted the underwriters an option to purchase up to an additional 1,445,783 shares of common stock to cover over-allotments. The offering is expected to close on September 16, 2009.

Announcement (September 9, 2009):

Photronics plans to offer 6,275,000 shares of its common stock in a public offering.

Photronics also intends to grant the underwriters an over-allotment option to purchase up to an additional 941,250 shares of common stock to cover over-allotments.

Morgan Stanley is acting as the sole book-runner, while Needham & Company, D.A. Davidson & Co., and Stifel Nicolaus & Company are acting as co-managers for the offering.

Deal Value (US$ Million) 46
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-09-16

Deal Participants

Target (Company) Photronics, Inc.

Deal Rationale

Photronics intends to use the net proceeds from this offering to repay a portion of its outstanding bank borrowings.

Offer Price ($ per share) 4.15
No. Shares Issued         11084337

For full details on Photronics Inc (PLAB) click here. Photronics Inc (PLAB) has Short Term PowerRatings of 7. Details on Photronics Inc (PLAB) Short Term PowerRatings is available at This Link.

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