Accuray restructures with TCW: $40M debt to preferred, $15M cash, covenant holiday through 2027

ACCURAY INC

TCW exchanges $40M term loan for convertible preferred stock at $0.50/share (105.4% premium to prior close), 8% dividend.
TCW invests $15M cash for additional preferred shares; $5M delayed draw term loan made available.
Financial covenant holiday through Dec 31, 2027; first test date Mar 31, 2028.
Board reduced to 7; TCW appoints 2 directors (Steven Mayer, Chan Galbato); Beverly Huss and Anne LeGrand resigned.
Non-binding LOIs with Samsung HME America (imaging) and RaySearch Laboratories (adaptive therapy) to accelerate innovation.

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