secwatch.observer — SEC 8-K summary
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Issuer:     PACIFIC BIOSCIENCES OF CALIFORNIA, INC. (PACB)
CIK:        0001299130
Form:       8-K
Filed at:   2023-06-26T23:59:59+00:00
Accession:  0001104659-23-074397
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 8.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1299130/000110465923074397/0001104659-23-074397-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1299130/000110465923074397/tm2319528d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-074397

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