BROOKFIELD, Conn., Dec. 15, 2008 – Photronics Inc., developer of reticles and photomasks for semiconductor and microelectronics applications, has announced that it has finalized the terms and conditions of its amended revolving credit agreement.
The amended credit agreement has eliminated the requirement for the company to obtain $75 million in permanent long-term capital. The agreement also includes, among other items, additional financial covenants as well as reduces the borrowing limit to $135 million and changes to the maturity date.
"The finalization of our credit agreement is a positive development for Photronics, particularly given the current credit market environment. By eliminating the requirement for $75 million in permanent long-term capital, and agreeing to other conditions of the amended agreement, we now have the necessary financing to allow the company to move forward with our strategic business plans," said Constantine S. Macricostas, Photronics' chairman and interim CEO.
The company will announce its financial results for the fourth quarter of fiscal 2008 Tuesday at approximately 4:30 p.m. EST. Company management will also host a public conference call Wednesday at 8:30 a.m. EST to discuss Photronics’ quarterly results, amended credit agreement and business highlights.
During the call, Photronics management will respond to questions concerning the company’s financial performance, business conditions and industry outlook. Some of these responses may contain information that has not been previously disclosed.
Analysts, investors, and the media may participate in the call by dialing (719) 325-4856. Participants outside of the US and Canada can access the call using the same number.
To see the public conference call broadcast live, visit: www.photronics.com