Accuray (ARAY) Announces $75M Convertible Notes Offering

Accuray Incorporated (Nasdaq: ARAY) announced its intention to commence an offering, subject to market and other conditions, of $75 million aggregate principal amount of convertible senior notes due 2018 (the "notes"), to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Accuray intends to grant the initial purchasers of the notes an option to purchase up to an additional $10 million aggregate principal amount of notes. The notes are expected to be convertible under certain conditions into common stock of Accuray. The notes are expected to mature on February 1, 2018, unless earlier repurchased or converted. Accuray may not redeem the notes prior to the maturity date. The interest rate, conversion rate and other terms of the notes will be determined by negotiations between Accuray and the initial purchasers of the notes.

Accuray's purpose for the offering is to strengthen its balance sheet in order to help improve its competitive position. It intends to use the net proceeds from the offering for general corporate purposes, including investing strategically in expanding its business and new product initiatives.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Century Communities (CCS) Files Mixed Shelf
• SQL Technologies (SKYX) Collaborates with World Leading Chinese Lighting Supplier and Manufacturer for the US, Chinese, and European Markets as it Continues to Enhance its Market Penetration
• Accuray Showcases Advances in Radiation Therapy Solutions Designed to Improve the Cancer Treatment Experience at ESTRO 2024