Accuray offers $75 million five-year convertible notes to yield 3.25%-3.75%, up 17.5%-22.5%

By Rebecca Melvin

New York, Feb. 6 - Accuray Inc. plans to price $75 million of five-year convertible senior notes after the market close on Thursday that were talked to yield 3.25% to 3.75% with an initial conversion premium of 17.5% to 22.5%, according to a market source.

The Rule 144A deal has a $10 million greenshoe and is being sold via bookrunner J.P. Morgan Securities LLC, with Goldman Sachs & Co. Inc. as a co-manager.

The notes will be non-callable for life with no puts. There is takeover and dividend protection.

Proceeds are intended for working capital and general corporate purposes, including investing strategically in expanding business and new product initiatives.

Sunnyvale, Calif.-based Accuray is a developer of robotic radiosurgery for the treatment of tumors.

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