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Accuray Announces Proposed Offering Of $75 Million Of Convertible Senior Notes



Accuray Announces Proposed Offering Of $75 Million Of Convertible Senior Notes

PR Newswire

SUNNYVALE, Calif., Feb. 6, 2013

SUNNYVALE, Calif., Feb. 6, 2013 /PRNewswire/ -- Accuray Incorporated (Nasdaq:
ARAY) ("Accuray") today announced  its intention to commence an offering,
subject to market and other conditions, of $75 million aggregate principal
amount of convertible senior notes due 2018 (the "notes"), to be offered and
sold to qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended. Accuray intends to grant the initial
purchasers of the notes an option to purchase up to an additional $10 million
aggregate principal amount of notes. The notes are expected to be convertible
under certain conditions into common stock of Accuray. The notes are expected
to mature on February 1, 2018, unless earlier repurchased or converted.
Accuray may not redeem the notes prior to the maturity date. The interest
rate, conversion rate and other terms of the notes will be determined by
negotiations between Accuray and the initial purchasers of the notes. 

Accuray's purpose for the offering is to strengthen its balance sheet in order
to help improve its competitive position. It intends to use the net proceeds
from the offering for general corporate purposes, including investing
strategically in expanding its business and new product initiatives.

This announcement is neither an offer to sell nor a solicitation of an offer
to buy any of these securities and shall not constitute an offer, solicitation
or sale in any jurisdiction in which such offer, solicitation or sale is
unlawful.

The notes and any shares of common stock issuable upon conversion of the notes
have not been and are not expected to be registered under the Securities Act
of 1933, as amended, or any state securities laws and may not be offered or
sold in the United States or to any U.S. persons absent registration or an
applicable exemption from the registration requirements of the Securities Act
and applicable state laws.

Safe Harbor Statement
The matters discussed in this release include forward-looking statements.
These statements are based on current expectations or beliefs and are subject
to factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements, including
without limitation, whether or not Accuray will offer the notes or consummate
the offering, the anticipated terms of the notes, the offering and the
anticipated use of the proceeds of the offering. Accuray is providing this
information as of the date of this news release and assumes no obligation to
update any forward-looking statement to reflect events or circumstances
occurring after the date of this press release.

CONTACT: Tom Rathjen, Vice President, Investor Relations, +1-408-789-4458,
trathjen@accuray.com; or Rebecca Phillips, Corporate Communications,
+1-408-789-4234, rphillips@accuray.com

SOURCE Accuray Incorporated

Website: http://www.accuray.com
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