Photronics greenshoe used, lifts 5.5% convertibles to $57.5 million

By Devika Patel

Knoxville, Tenn., Sept. 16 - Underwriters for Photronics Inc.'s offering of 5.5% five-year convertible senior notes exercised their over-allotment option in full for $7.5 million more of the convertibles, increasing the size of the issue to $57.5 million, the company announced in a press release.

As previously reported, the company sold the notes at par on Sept. 10, after the close, in a registered offering via bookrunner Morgan Stanley & Co. Inc. and co-managers Needham & Co., D.A. Davidson & Co. and Stifel Nicolaus & Co.

The notes have an initial conversion premium of 22.5% and a conversion price of $5.08, equal to an initial conversion ratio of 196.7052.

Proceeds will be used to repay a portion of the company's outstanding bank borrowings.

Photronics is a Brookfield, Conn., photomasks company.

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