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In a release on September 16, the Company noted that it sold 11,084,337 shares of its common stock at a price of $4.15 per share. The underwriters exercised in full their option to purchase additional shares to cover overallotments.
The Company also completed the sale of $57.5 million principal amount of its 5.5 percent convertible senior notes due 2014 (the "notes"). The underwriters exercised in full their option to purchase additional notes to cover overallotments. The convertible notes will pay interest semi-annually at a rate of 5.5 percent per annum and will mature on October 1, 2014, unless earlier purchased or converted. The notes are convertible into shares of Photronics common stock at a conversion rate of 196.7052 shares of common stock per $1,000 principal amount of convertible notes, equivalent to a conversion price of approximately $5.08 per share of common stock, subject to adjustment in certain circumstances.
The convertible notes will be Photronics' senior unsecured obligations and will rank equally with any existing and future unsecured senior debt, and senior to any existing and future subordinated debt.
The Company received total net proceeds from both offerings of approximately $98 million after deducting fees and offering expenses, and will use the net proceeds to repay a portion of outstanding bank borrowings.
Morgan Stanley & Co. Inc. was the book-running manager for the offerings and Needham & Company, D.A. Davidson & Co., and Stifel Nicolaus & Company, Inc. acted as co-managers of the offerings.
Photronics is a worldwide manufacturer of photomasks. Photomasks are high precision quartz plates that contain microscopic images of electronic circuits.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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