-
- News
- Books
Featured Books
- smt007 Magazine
Latest Issues
Current IssueBox Build
One trend is to add box build and final assembly to your product offering. In this issue, we explore the opportunities and risks of adding system assembly to your service portfolio.
IPC APEX EXPO 2024 Pre-show
This month’s issue devotes its pages to a comprehensive preview of the IPC APEX EXPO 2024 event. Whether your role is technical or business, if you're new-to-the-industry or seasoned veteran, you'll find value throughout this program.
Boost Your Sales
Every part of your business can be evaluated as a process, including your sales funnel. Optimizing your selling process requires a coordinated effort between marketing and sales. In this issue, industry experts in marketing and sales offer their best advice on how to boost your sales efforts.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - smt007 Magazine
Photronics Prices $125 Million of Convertible Subordinated Notes
April 17, 2003 |Estimated reading time: Less than a minute
Brookfield, Conn. -- Photronics Inc. announces the pricing of its offering of $125 million of 21/4 percent Convertible Subordinated Notes due 2008 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
These Notes are convertible into Photronics common stock at a conversion rate of 62.9376 shares per $1,000 principal amount of Notes, subject to adjustment in certain circumstances. This represents a 42.5 percent premium based on the closing price of $11.15 for the common stock on April 9, 2003. Photronics may not redeem the Notes prior to their final maturity on April 15, 2008. The Notes will be issued at 100 percent of their principal amount. Photronics has granted the initial purchasers of the Notes a one-time option to purchase up to an additional $25 million principal amount of Notes.
A portion of the net proceeds from this offering will be used to redeem, on or after June 2, 2003, all $62.1 million principal amount of the company's outstanding 6 percent Convertible Subordinated Notes due 2004. The company will use the balance of the net proceeds for general corporate purposes.
For more information, visit www.photronics.com.