Accuray Announces Convertible Notes Exchange, Refinancing Of Existing Credit Facilities, Stock Down

(RTTNews) - Accuray Inc. (ARAY), Friday announced privately negotiated agreements with the holders of its existing 3.75 percent senior convertible notes due 2026 to exchange an aggregate of $82 million for about 8.9 million shares of the company.

As per the deal, expected to close on or about June 11, 2025, the company will pay exchanging holders an aggregate of approximately $68.6 million in cash.

Concurrently, the company has entered into a new senior secured credit agreement with TCW Asset Management Company LLC, providing $150 million in term loan facilities, $20 million delayed draw term loan facility, and $20 million revolving credit facility.

Accuray intends to use the proceeds, along with existing cash, to repay outstanding debt under a prior agreement with Silicon Valley Bank.

Additionally, the company has appointed Steven F. Mayer to its Board of Directors. Mayer serves as Chairman of the Operations Advisory Council and senior advisor to the private credit group of TCW.

In the pre-market hours, Accuray's stock is moving down 19.74 percent, to $1.22 on the Nasdaq.