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Photronics amends revolver, modifying maturity date and covenants
By Sara Rosenberg
New York, May 18 - Photronics Inc. amended its revolving credit facility, revising the maturity date to Jan. 31, 2011 and changing covenants, according to a news release.
In addition, the amendment increased borrowing limits to $130 million from $120 million as of Nov. 1 and to $110 million from $100 million as of Jan. 31, 2010 through maturity.
Furthermore, the company's overall availability limit has been reduced by $5 million to $130 million.
As part of the amendment, the company issued warrants that could be exercised up to 5% of its outstanding common stock.
Photronics is a Brookfield, Conn.-based manufacturer of photomasks.
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