Accuray private exchange offers
Davis Polk advised Accuray Incorporated in connection with a private exchange of approximately $82.1 million aggregate principal amount of its outstanding 3.75% convertible senior notes due 2022 (the “existing notes”) for approximately $97.1 million aggregate principal amount of newly issued 3.75% convertible senior notes due 2026 (the “new notes”). Accuray also sold approximately $2.9 million aggregate principal amount of new notes for cash in a private placement. Separately, the company agreed to purchase approximately 3.1 million shares of its common stock in privately negotiated transactions in order to facilitate the exchange.
Accuray is a radiation oncology company that develops, manufactures, sells and supports precise, innovative treatment solutions which set the standard of radiation therapy care with the aim of helping patients live longer, better lives.
The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jeffrey Gould and associate Paula Gergen. Partner Lucy W. Farr and associate Ben Levenback provided tax advice. Members of the Davis Polk team are based in the Northern California and New York offices.