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Photronics Inc. reports it plans to raise more than $85 million in a public stock offering.
Photronics plans to use the $85 million net proceeds from two public offerings to repay some of its outstanding bank loans.
The Brookfield, Conn.-based imaging technology company said it plans to raise $40 million in a public offering of its common stock. The company priced its convertible notes offering at $4.15 per share and plans to sell 9.6 million shares of common stock. Photronics (Nasdaq:PLAB) also said it plans to offer the underwriters — Morgan Stanley & Co., Needham & Company LLC, D.A. Davidson & Co. and Stifel Nicolaus & Co. Inc. — the option to buy 1.4 million shares of common stock to cover over-allotments.
Photronics also announced the pricing of a public offering of $50 million worth of senior unsecured convertible notes. The notes pay 5.5 percent interest semi-annually and mature in 2014.
Both offerings are expected to close next week.
In July, Photronics closed its manufacturing facility in Shanghai, China. The facility manufactured integrated circuit photomasks. After the closure, Photronics has nine remaining manufacturing facilities around the globe, with four located in Asia — Korea, Singapore and two sites in Taiwan.
Photronics makes 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.
For fiscal 2008, Photronics reported a loss of $210.8 million on revenue of $422.5 million. That compares to a profit in 2007 of $24.5 million on revenue of $421.5 million.
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