Accuray talks planned $75 million five-year convertible notes to yield 3.5%-4%, up 25%-25%

By Rebecca Melvin

New York, July 26 - Accuray Inc. plans to price $75 million of five-year convertible senior notes after the market close on Tuesday that were talked to yield 3.5% to 4% with an initial conversion premium of 20% to 25%, according to a syndicate source.

The Rule 144A deal has an $11.25 million greenshoe and is being sold via bookrunner UBS Securities LLC.

The notes will be non-callable for three years and then provisionally callable subject to shares being 130% of the conversion price. There is no contingent conversion.

Proceeds are intended for 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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