Exact Sciences on Thursday said it has entered into a privately negotiated exchange and purchase agreement with a holder of its 0.3750% convertible senior notes due in 2027 and certain 0.3750% convertible senior notes due in 2028.
Under the agreement, Exact Sciences has agreed to issue to the holder the $500 million aggregate principal amount of a new series of 2% convertible senior notes due in 2030. The notes have been issued in exchange for the $183,678,000 aggregate principal amount of Exact Sciences current notes due in 2027; $200,958,000 aggregate principal amount of its current notes due in 2028; and approximately $138 million in cash.
The closing of the transaction is expected to occur on March 1. The 2030 notes will mature on March 1, 2030, unless repurchased or converted earlier.
XMS Capital Partners was the sole placement agent for the transaction. K&L Gates represented Exact Sciences and Kramer Levin Naftalis & Frankel represented the placement agent.