Connecticut supplier of imaging technology for the electronics industry Photronics Inc. has retired a $5 million chunk of its 5.5 percent convertible senior notes due in October 2014, leaving approximately $22.1 million worth outstanding.
Brookfield-based Photronics (Nasdaq: PLAB) said that it paid about $6.5 million for the notes, made up of approximately $3.2 million in cash and approximately 700,000 shares of its common stock. That bumps the company’s equity up by approximately $1.5 million, officials said in a press release. Photronics had previously bought $30.4 million of those 5.5 percent convertible senior notes.
To help pay for that $30.4 million purchase, Photronics issued $100 million worth of new notes in March, due in 2016. At the time, officials said that an additional $23 million of that $100 million was to be used to additional retire “higher interest bearing debt.” In February of 2010, Photronics entered into a three-year, $50 million, revolving credit facility through RBS Citizens N.A., the parent of Citizens Bank. Photronics used the money to pay off all previous debt and a term loan that was due on Jan. 31, 2011.
Photronics is a maker of photomasks — high-precision quartz plates that contain microscopic images of electronic circuits used to transfer circuit patterns onto semiconductor wafers during the making of integrated circuits. In September of 2009 the company raised more than $85 million in a public stock offering.
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