08:59 AM EDT, 06/06/2025 (MT Newswires) -- Accuray ( ARAY ) said Friday that it will exchange $82 million of its convertible notes due 2026 for 8.9 million shares and $68.6 million in cash, while also securing new credit facilities totaling $190 million to refinance existing debt.

The company said it has reached agreements with noteholders to convert a portion of its outstanding debt into equity and cash, with the transaction expected to be completed by June 11.

Separately, Accuray ( ARAY ) entered a new financing deal led by TCW Asset Management that includes a $150 million term loan, a $20 million delayed draw loan, and a $20 million revolving credit line. The proceeds, along with existing cash, will be used to repay its prior credit agreement with Silicon Valley Bank.

Shares of the company were down more than 20% in recent Friday premarket activity.