Accuray Prices Offering Of $100 Million Of 3.50% Convertible Senior Notes

  Accuray Prices Offering Of $100 Million Of 3.50% Convertible Senior Notes

PR Newswire

SUNNYVALE, Calif., Feb. 8, 2013

SUNNYVALE, Calif., Feb. 8, 2013 /PRNewswire/ --Accuray Incorporated (Nasdaq:
ARAY) ("Accuray") today announced the pricing of its offering of $100 million
aggregate principal amount of 3.50% convertible senior notes due 2018 (the
"notes"). The notes are being offered and sold to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. The
sale is expected to close on February 13, 2013. Accuray has also granted to
the initial purchasers of the notes the right to purchase up to an additional
$15 million aggregate principal amount of notes.

Interest will be payable on the notes semi-annually in arrears at a rate of
3.50% per annum. The notes will be convertible into common stock of Accuray.
The initial conversion rate for the notes will be 187.6877 shares of common
stock per $1,000 principal amount of the notes, which is equivalent to an
initial conversion price of approximately $5.33 per share, representing an
approximately 20.0% conversion premium based on the closing sale price of
Accuray's common stock of $4.44 per share on February 7, 2013. The notes will
mature on February 1, 2018.

Accuray may not redeem the notes prior the maturity date.

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

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, 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.

SOURCE Accuray Incorporated

Contact: Tom Rathjen, Vice President, Investor Relations, +1-408-789-4458,; Rebecca Phillips, Corporate Communications,
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