Davis Polk advised J.P. Morgan Securities LLC as sole book-running manager and representative of the initial purchasers on a Rule 144A offering by Photronics, Inc. of $115 million aggregate principal amount of 3.25% convertible senior notes due 2016.

Headquartered in Brookfield, Connecticut, Photronics is one of the world’s leading manufacturers of photomasks.

The Davis Polk corporate team included partner Alan F. Denenberg and associates Jeffrey Gould and John Dalton. Partner Rachel D. Kleinberg and associate M. Ryan LaRosa provided tax advice. Associate Vishnu Reddy provided intellectual property advice. Associate Hayden S. Baker of the New York office provided environmental advice. Kimberly Kakade and Brian Pavia were the legal assistants on the transaction. Except as noted above, all members of the Davis Polk team are based in the Menlo Park office.