Photronics acquires $5 million of 5.5% convertibles with cash, stock

By Melissa Kory

Cleveland, June 16 - Photronics, Inc. announced that it acquired $5 million of its 5.5% convertible senior notes due October 2014.

The company used $3.2 million of cash and 0.7 million shares of its common stock with a value of about $6.5 million to fund the transaction.

The company expects to record an after-tax charge of $5 million, of which 80% is expected to be noncash. As a result of the after-tax charge and the issuance of stock, the company's equity will increase by $1.5 million.

The company announced that it acquired $30.4 million of the 5.5% convertibles on March 30. The remaining outstanding balance of the convertibles is now $22.1 million.

Photronics is a Brookfield, Conn.-based manufacturer of photomasks and reticles.

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