Photronics greenshoe exercised, raising convertibles to $150 million

New York, April 16 - Photronics, Inc. said the underwriters of its sale of 2¼% convertible subordinated notes due 2008 exercised the $25 million over-allotment option in full, raising the size of the deal to $150 million.

The Brookfield, Conn. photomasks company originally sold $125 million of the convertibles after the market close on April 10 at par to yield 2.25% with a 42.5% initial conversion premium.

Bookrunners for the Rule 144A offering were Merrill Lynch & Co., Morgan Stanley and JPMorgan.

Part of the proceeds from the new deal will be used to redeem a portion of the Photronics' old 6% convertible due 2004. There is less than $100 million outstanding on that issue, sources said.

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