Accuray refinances debt: $150M term loan from TCW, exchanges $82M notes for stock & cash

ACCURAY INC

Exchanged ~$82M of 3.75% convertible notes for 8.88M shares and ~$68.6M cash; $18M of notes remain outstanding.
New $150M term loan, $20M delayed draw, $20M revolver with TCW; matures June 2030; interest SOFR+8.5% or base+7.5%.
Issued 17.2M Premium Warrants ($1.68 strike, 6-month lockout) and 6.25M Penny Warrants ($0.01 strike) to lenders.
Appointed Steven F. Mayer (TCW designee) to board; TCW also gets two non-voting observer seats.
Proceeds used to fully repay existing SVB credit facility and fund note exchange; existing agreement terminated.

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Executive movements

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Appointed

Steven F. Mayer

Director

ARAY · ACCURAY INC

Effective: 2025-06-03
Filed: Jun 06, 2025 23:59 UTC

On June 3, 2025, the Board appointed Steven F. Mayer to the Board as a Class III director, with a term expiring at the Company’s 2027 annual meeting of stockholders, effective immediately prior to, and contingent upon, the effectiveness of the Financing Agreement.

Source: SEC EDGAR

accession 0000950103-25-007090

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