- Exact Sciences ( NASDAQ: EXAS ) announced on Thursday a debt exchange transaction and a private placement of convertible senior notes.
- Pursuant to an exchange and purchase agreement entered with a holder of certain of 0.3750% Convertible Senior Notes due 2027 and 0.3750% Convertible Senior Notes due 2028, the company has agreed to issue to the holder $500M of a new series of 2.00% Convertible Senior Notes due 2030 in exchange for (i) $183.67M of the holder's existing 2027 Notes, (ii) ~$200.96M of the holder's existing 2028 Notes, and (iii) ~$138M in cash.
- The 2030 Notes will mature on March 1, 2030 and bear interest at a rate of 2.00% per year, payable semi-annually. The conversion rate for these notes is initially 12.3724 shares per $1,000 principal amount of the notes.
- The transaction is expected to close on March 1, 2023, subject to customary closing conditions.
For further details see:
Exact Sciences enters debt exchange transaction