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Published on 4/21/2014 in the Prospect News Convertibles Daily and Prospect News Liability Management Daily.

Accuray holders to exchange 3.5% convertibles for new notes, cash

By Marisa Wong

Madison, Wis., April 21 - Accuray Inc. will issue about $70.3 million principal amount of new 3.5% series A convertible senior notes due 2018 and pay a total of roughly $400,000 in cash in exchange for about $70.3 million principal amount of its existing 3.5% convertible senior notes due 2018, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into note exchange agreements with certain holders of its outstanding 3.5% convertible notes on April 17.

The principal amount of old notes to be exchanged for each $1,000 principal amount of notes is $1,000. The amount in cash to be paid per $1,000 principal amount of old notes was determined in individual negotiations between the company and each participating holder.

The new notes will have the same interest rate, maturity and other terms as the old notes, except that the new notes will be convertible into cash, shares of the company's common stock or a combination of cash and stock, at the company's option.

The exchange transactions are scheduled for April 24.

Accuray is a radiation oncology company based in Madison, Wis.


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