---
schema_version: "secwatch.filing_event.v1"
accession: "0001299130-24-000189"
form_type: "8-K"
ticker: "PACB"
cik: "0001299130"
company_name: "PACIFIC BIOSCIENCES OF CALIFORNIA, INC."
filed_at: "2024-11-22T23:59:59+00:00"
generated_at: "2026-05-29T19:35:58.930232+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001299130-24-000189
- form_type: 8-K
- ticker: PACB
- cik: 0001299130
- company_name: PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
- filed_at: 2024-11-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1299130/000129913024000189/0001299130-24-000189-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1299130/000129913024000189/pacb-20241121.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001299130-24-000189
- JSON: https://secwatch.observer/filing/0001299130-24-000189.json
- Plain text: https://secwatch.observer/filing/0001299130-24-000189.txt

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