PACIFIC BIOSCIENCES OF CALIFORNIA, INC. (PACB): debt financing — Pacific Biosciences exchanges $441M of 2028 notes for new 1.375% 2030 convertible notes

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Issued $441M principal of 1.375% Convertible Senior Notes due 2030 in exchange for $441M of 1.50% 2028 Notes.
No cash proceeds; accrued interest paid on exchanged notes; $459M of 2028 Notes remain outstanding.
New notes mature Dec 15, 2030, convertible at ~46.5116 shares/$1,000 (initial conversion price ~$21.50/share).
Notes redeemable after June 20, 2028 if stock price exceeds 150% of conversion price for 20 of 30 consecutive trading days.
Transaction privately negotiated with Chimera Investment LLC under Section 4(a)(2) exemption.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. incurred convertible notes of $441 million in aggregate principal amount with Chimera Investment LLC at 1.375% per annum maturing December 15, 2030.

Instrument: convertible notes
Principal: $441 million in aggregate principal amount
Counterparty: Chimera Investment LLC
Rate: 1.375% per annum
Maturity: December 15, 2030
Event: incurrence

Exact text from the filing

On June 30, 2023, Pacific Biosciences of California, Inc. (the “Company”) consummated the previously announced privately negotiated exchange with Chimera Investment LLC (“Chimera”), a holder of its outstanding 1.50% Convertible Senior Notes due 2028 (the “2028 Notes”), pursuant to which the Company issued $441 million in aggregate principal amount of the Company’s 1.375% Convertible Senior Notes due 2030 (the “New Notes”) in exchange for $441 million principal amount of the 2028 Notes (the “Exchange Transaction”),

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

PACIFIC BIOSCIENCES OF CALIFORNIA, INC. entered into 1.375% Convertible Senior Notes due 2030 Indenture with U.S. Bank Trust Company, National Association valued at $441,000,000 aggregate principal amount of 1.375% Convertible Senior Notes due 2030 (effective 2023-06-30).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $441,000,000 aggregate principal amount of 1.375% Convertible Senior Notes due 2030
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Pacific Biosciences of California, Inc. (the "Company") consummated the previously announced privately negotiated exchange with Chimera Investment LLC ("Chimera"), a holder of its outstanding 1.50% Convertible Senior Notes due 2028 (the "2028 Notes"), pursuant to which the Company issued $441 million in aggregate principal amount of the Company's 1.375% Convertible Senior Notes due 2030 (the "New Notes") in exchange for $441 million principal amount of the 2028 Notes (the "Exchange Transaction"), pursuant to exemptions from registration under the Securities Act of 1933, as amended, and the rules and regulations thereunder.

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PACIFIC BIOSCIENCES OF CALIFORNIA, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-077161

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