On November 7, 2024, Pacific Biosciences of California, Inc. (PacBio), a leading developer of high-quality, highly accurate sequencing solutions, announced that it entered into a privately negotiated exchange agreement with a holder of PacBio’s remaining outstanding 1.50 percent convertible senior notes due 2028, pursuant to which PacBio will (i) issue $200 million principal amount of its 1.50 percent Convertible Senior Notes due 2029, (ii) issue 20,451,570 shares of PacBio’s common stock, and (iii) make a cash payment in the amount of $50 million in exchange for $459 million principal amount of the 2028 Notes. The exchange transaction is expected to close on or about November 21, 2024, subject to customary closing conditions.
The Wilson Sonsini Goodrich & Rosati team representing PacBio on the transaction includes:
Corporate
Andrew Hoffman
Zach Myers
Christoph Luschin
Daniel McCanavan
Corporate Finance
Mike Rosati
Kathleen Rothman
Katie Barnes
Ryan Isola
Regulatory
Joshua Gruenspecht
Seth Cowell
For more information, please see PacBio’s news release.
