JPMorgan Agents Photronics Credit Facility
Photronics announced that it entered into a new, five-year revolving credit facility with its existing lenders in the amount of $50 million, with an expansion capability to $75 million, replacing its existing $30 million revolving credit facility due to mature in April 2015.
JPMorgan Chase Bank will serve as administrative and collateral agent, with TD Bank and RBS Citizens as syndication agents.
In connection therewith, Photronics repaid all outstanding amounts of its previously existing $21.3 million term loan due to mature in March 2017. The new credit agreement provides for increased financial flexibility, reduced interest rates and relaxed covenants.
Sean T. Smith, CFO, Photronics, commented, “This new credit facility provides the flexibility we need to support our growth and leadership position in the merchant photomask market, as well as to reduce expenses.”
Photronics is a worldwide manufacturer of photomasks, high-precision quartz plates that contain microscopic images of electronic circuits.