Photronics Purchases U.S. nanoFab Building from Micron Technology, Inc.
Photronics, Inc., a worldwide leader in supplying innovative imaging technology solutions for the global electronics industry, announced today that it paid approximately $35 million to Micron Technology, Inc. ("Micron") in connection with the purchase of its U.S. nanoFab building in Boise, ID that it previously leased from the building's owner Micron. In connection therewith, the Company also amended its credit facility adding a 5-year term loan for $25 million and reducing interest rates by 25 basis points on borrowings as defined in the credit facility.
As a result of the purchase, Photronics' operating lease with Micron for the nanoFab facility has been cancelled. This reduced the Company's related outstanding operating lease commitments by a total of $15 million for fiscal years 2013 and 2014. Accordingly, as a result of this transaction, beginning in fiscal year 2013, the Company's net cash flow will improve by approximately $5 million annually and its expenses will be reduced by approximately $5 million annually.
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