07:06 AM EST, 02/07/2025 (MT Newswires) -- Guardant Health ( GH ) said Friday that it agreed with some creditors a day earlier to exchange $600 million worth of newly issued 1.25% convertible senior notes due 2031 for $659.3 million worth of outstanding 0% Convertible Senior Notes due 2027.

The initial conversion rate of the new notes will be 16.0716 shares of Guardant Health ( GH ) per $1,000 of principal, or an initial conversion price of about $62.22 per share, a conversion premium of about 35% over the last reported sale price on Thursday, the company said.

The exchanges are expected to close on Feb. 14.

In connection with the transactions, Guardant Health ( GH ) said it plans to repurchase about $45 million of shares from some exchange participants at the Feb. 6 price. The deal's exchange agent also plans to purchase around $35 million worth of shares.