Accelerate Diagnostics to exchange some 2.5% convertibles for stock

By Mary-Katherine Stinson

Lexington, Ky., Sept. 23 – Accelerate Diagnostics Inc. has announced it has negotiated private agreements to exchange $51 million in principal amount of its 2.5% convertible senior notes due 2023 for common stock, according to a company release.

The company reached an agreement with certain noteholders to exchange $46 million of its 2.5% notes for 5,945,718 shares of common stock which is equal to 129.2547 shares per $1,000 principal amount.

This agreement is expected to close Sept. 29.

Additionally, the company also reached an agreement with certain noteholders to exchange $5 million of its 2.5% notes for 106,732 shares of common stock equal to 21.3463 shares per $1,000 principal amount plus an additional number of shares per $1,000 principal equal to the sum for each of the trading days during an agreed upon refence period beginning Sept. 23 (equal to $41.87) divided by the daily volume-weighted average price for such trading day.

This agreement is expected to close Oct. 15.

Accelerate Diagnostics is a Tucson, Ariz.-based in vitro diagnostics company.

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