Exact Sciences Announces Debt Exchange Transaction And Private Placement Of Convertible Senior Notes

Author: Benzinga Newsdesk | April 11, 2024 06:03am

On April 10, 2024 it entered into privately negotiated exchange and purchase agreements (the "Agreements") with certain holders of the Company's 0.3750% Convertible Senior Notes due 2028 (the "Existing Notes"). Pursuant to the Agreements, 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 Notes") in exchange for (i) the retirement of $359.7 million aggregate principal amount of the holders' Existing Notes, and (ii) payment to the Company of approximately $266.8 million in cash. The closing of the transaction is expected to occur on April 17, 2024, subject to customary closing conditions.

Posted In: EXAS