- Exact Sciences (NASDAQ:EXAS) said it entered into privately negotiated exchange and purchase agreements with certain holders of the company’s 0.3750% convertible senior notes due 2028.
- As part of the agreement, the company has agreed to issue to the holders $620.7 million aggregate principal amount of a new series of 1.75% convertible senior Notes due 2031.
- The new series will be in exchange for the retirement of $359.7 million aggregate principal amount of the holders’ existing notes, and payment to the company of ~$266.8 million in cash.
- The new notes will mature on April 15, 2031, and will bear interest at a rate of 1.75% per year, payable semi-annually in arrears on October 15 and April 15 of each year, beginning on October 15, 2024.
- The conversion rate for the new notes is initially 10.0644 shares per $1,000 principal amount of New Notes.
Exact Sciences announces debt exchange transaction
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| Symbol | Last Price | % Chg |
|---|---|---|
| EXAS | - | - |
| Exact Sciences Corporation | ||