Accuray Retires Remaining 3.75% Convertible Debt

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Aug 02, 2016, 06:30 ET

SUNNYVALE, Calif., Aug. 2, 2016 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) announced today the Company has settled the remaining principal amount and accrued interest thereon of the 3.75% Convertible Senior Notes (the "2016 Notes"). The 2016 Notes were settled on August 1, 2016 for cash of $37.3 million, which included $36.6 million in principal and $0.7 million in accrued interest.

On August 1, 2011, the Company issued the 2016 Notes with a $100.0 million aggregate principal value, which matured on August 1, 2016. During January 2016, in privately-negotiated transactions, the Company repurchased approximately $63.4 million in aggregate principal amount of the 2016 Notes for $66.6 million in cash. Following these transactions, and including the transactions on August 1, 2016, the 2016 Notes are now fully settled and no longer outstanding.

In settling the notes for cash, during the January 2016 and August 2016 transactions, the Company avoided the issuance of approximately 10.6 million new common equity shares, representing a potential dilution of approximately 13 percent as of March 31, 2016. The Company had $149.8 million of cash, cash equivalents and investments at March 31, 2016 as previously reported with the Company's fiscal third quarter earnings results on April 26, 2016.

Accuray will report results for its fiscal 2016 fourth quarter and full-year ended June 30, 2016 on August 17, 2016.

About Accuray
Accuray Incorporated (Nasdaq: ARAY) is a radiation oncology company that develops, manufactures and sells precise, innovative treatment solutions that set the standard of care with the aim of helping patients live longer, better lives. The company's leading-edge technologies deliver the full range of radiation therapy and radiosurgery treatments. For more information, please visit www.accuray.com.

Safe Harbor Statement
Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including but not limited to the risks detailed under the heading "Risk Factors" in the company's report on Form 10-K, filed on August 28, 2015, the company's report on Form 10-Q, filed on November 5, 2015, February 1, 2016, and April 29, 2016 and the company's other filings with the SEC.

Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements.

For further information please contact:

Investors:
Doug Sherk
Investor Relations, EVC Group
+1 (415) 652-9100
[email protected]

Brian Moore
Investor Relations, EVC Group
+1 (310) 770-0389
[email protected]

Media:
Beth Kaplan
Public Relations Director, Accuray
+1 (408) 789-4426
[email protected]

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SOURCE Accuray Incorporated