Pacific Biosciences exchanges $459M 2028 notes for $200M new notes, shares, and $50M cash

PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

Exchanged $459M of 1.50% 2028 notes for $200M new 1.50% notes due 2029, 20,451,570 shares, and $50M cash.
All $459M of the 2028 notes have been cancelled; no cash proceeds received by the company.
New notes mature August 15, 2029, convertible at ~$4.89/share, callable after Aug 2027 if stock >150% of conversion.
Side letter with SBN restricts new debt and liens; right of first refusal if going-concern doubt triggers up to $200M.
Covenants include no indebtedness maturing before 2029 (except permitted) and no guarantees without equal treatment of notes.

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