---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-077161"
form_type: "8-K"
ticker: "PACB"
cik: "0001299130"
company_name: "PACIFIC BIOSCIENCES OF CALIFORNIA, INC."
filed_at: "2023-06-30T23:59:59+00:00"
generated_at: "2026-06-13T13:46:15.537766+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Pacific Biosciences exchanges $441M of 2028 notes for new 1.375% 2030 convertible notes

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-077161
- form_type: 8-K
- ticker: PACB
- cik: 0001299130
- company_name: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
- filed_at: 2023-06-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1299130/000110465923077161/0001104659-23-077161-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1299130/000110465923077161/tm2320097d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-077161
- JSON: https://secwatch.observer/filing/0001104659-23-077161.json
- Plain text: https://secwatch.observer/filing/0001104659-23-077161.txt

## Key facts
- Debt Financings
  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
  source text: 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”),
  evidence_url: https://www.sec.gov/Archives/edgar/data/1299130/000110465923077161/0001104659-23-077161-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1299130/000110465923077161/0001104659-23-077161-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.