Photronics Plans To Sell Stock And Senior Notes

BROOKFIELD, Conn. (AP) — Photronics Inc. said Wednesday it plans to offer 6.3 million shares of stock and $50 million in convertible senior notes due 2014.

The company, which makes semiconductor components, said proceeds from the offerings will be used to pay back some of its debts. The underwriters of the offer will have the option to buy about 941,000 more shares and $7.5 million in notes to cover overallotments.

Morgan Stanley will be the book-running manager for the offerings, with Needham & Co., D.A. Davidson & Co., and Stifel Nicolaus & Co. as co-managers.

Photronics had 42.1 million shares on the market as of Sept. 1. In aftermarket trading, its shares dropped 57 cents, or 11.7 percent, to $4.30 from a closing price of $4.87.