PacBio exchanges $441M of 1.50% 2028 notes for $441M of 1.375% 2030 notes with Chimera

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Exchanged $441M of 1.50% 2028 Convertible Notes for $441M of new 1.375% 2030 Convertible Notes with Chimera Investment LLC.
New notes convertible at ~$21.50/share (46.5116 shares per $1,000 principal); interest payable semi-annually.
After exchange, $459M of original 2028 Notes remain outstanding with unchanged terms.
Lock-up on Chimera for 3 months; beneficial ownership limited to 4.99% (max 9.99%). Expected close June 30, 2023.
CEO says exchange extends debt duration and strengthens cash position; company targeting positive cash flows in 2026.

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