Photronics finalizes a new $100 million multi-currency credit facility

By Sara Rosenberg

New York, July 15 - Photronics Inc. finalized a new $100 million three-year multi-currency credit facility. JPMorgan Chase Bank will act as administrative agent and HSBC Bank will act as syndication agent. Other lenders in the syndicate include The Bank of New York, Citizens Bank of Massachusetts and Fleet National Bank.

The loan contains a $25 million accordion feature, which allows the company to access additional capital upon the conversion of at least 50% of the $103.5 million 6% outstanding convertible bond.

"Financial flexibility is essential to the success of any global operation," said Sean Smith, chief financial officer, in a news release. "The new worldwide credit facility will improve our consolidated liquidity while providing Photronics with the ability to access funds on a local basis in each of the markets that we serve. This access to local funding will substantially improve our ability to manage the effects of the multiple currencies in which we conduct business around the world."

Photronics is a Brookfield, Conn. manufacturer of photomasks.

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