Accuray announced today it has retired all February 2018 convertible notes, including $13M aggregate principal amount of its 3.50% convertible senior notes and $27M aggregate principal amount of its 3.50% Series A convertible senior notes both due February 1, 2018.
-- Company Continues to Execute Strategies to Reduce Total Debt While Minimizing Shareholder Dilution -- |
| [05-February-2018] |
| SUNNYVALE, Calif., Feb. 5, 2018 /PRNewswire/ -- Accuray (NASDAQ: ARAY) announced today it has retired all February 2018 convertible notes, including $13 million aggregate principal amount of its 3.50% convertible senior notes and $27 million aggregate principal amount of its 3.50% Series A convertible senior notes both due February 1, 2018. “We have enhanced our capital structure by significantly reducing our convertible note exposure over the last several years while minimizing shareholder dilution,” said Kevin Waters, Chief Financial Officer. “In addition, our total debt has declined $58 million or 27% during the past three years.” 3.50% convertible senior notes Accuray successfully entered into exchange agreements with the holders of the 3.50% convertible senior notes allowing the Company to settle the $13 million outstanding principal amount and accrued interest in cash and approximately 0.3 million shares of its common stock. After giving effect to the settlement of the exchange agreements, no 3.50% convertible senior notes will remain outstanding. If Accuray had not entered into the exchange agreements and the holders of the 3.50% convertible senior notes had converted all their notes, Accuray would have issued approximately 2.4 million shares of its common stock. 3.50% Series A convertible senior notes Accuray retired its 3.50% Series A convertible senior notes substantially all in cash, paying approximately $27.0 million to holders. After giving effect to this settlement, no 3.50% Series A convertible senior notes remain outstanding. Accuray had approximately $106 million of cash, cash equivalents, investments and short-term restricted cash at December 31, 2017. About Accuray Safe Harbor Statement Forward-looking statements speak only as of the date the statements are made and are based on information available to Accuray at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements. Investor Contact: Media Contact:
View original content with multimedia:http://www.prnewswire.com/news-releases/accuray-retires-february-2018-convertible-notes-300592995.html SOURCE Accuray Incorporated | ||
Company Codes: NASDAQ-NMS:ARAY |
