Photronics to use new deal proceeds to redeem 6% convertibles

New York, April 9 - Photronics, Inc. said it will use part of the proceeds of its new offering of $125 million convertible subordinated notes due 2008 to redeem its 6% convertible notes due 2004.

The redemption will be on or after June 2.

The Brookfield, Conn. photomasks company said the remainder of the proceeds will be used for general corporate purposes.

As of Feb. 2, Photronics had $103 million of the 6% convertibles outstanding, according to a filing with the Securities and Exchange Commission.

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