Photo masks manufacturer, Photronics, has sold senior convertible notes worth $115 million to qualified institutional buyers. The notes, which carry a coupon rate of 3.25%, will be due on April 1, 2016. Photronics will use the proceeds to acquire up to $30 million aggregate principal amount of its outstanding 5.50% convertible senior notes due 2014. It also intends to repay up to $23 million of other outstanding higher interest bearing debt.

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