- Cancer test maker Exact Sciences ( NASDAQ: EXAS ) said Friday that two of its convertible debt holders have agreed to accept newly issued convertible senior notes due 2030 in exchange for certain 2025 notes in a privately negotiated transaction.
- Per the terms, the company has agreed to issue approximately $73.0M worth of 2.0% 2030 convertible senior notes in exchange for 1.0% 2025 convertible senior notes with a principal amount of ~$65.8M.
- The 2030 Notes are set to mature on March 01, 2030, except in the event of an early repurchase or conversion.
- Per the terms, the newly issued Notes will initially have a conversion rate of 12.3724 shares per $1,000 principal amount, implying a conversion price of $80.825 per share of common stock. The conversion rate is expected to rise under certain conditions.
- Read: Seeking Alpha contributor Nelson Alves reaffirmed the Hold rating on Exact ( EXAS ) on Thursday, citing concerns about its valuation.
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Exact Sciences announces convertible debt exchange agreement