J. Wood capital advisors acts as financial advisor and exchange agent to Accuray on its $190 million secured term loan and revolver facility and $82 million convertible exchange

June 2025 | read press release

Transaction Background

Accuray Incorporated (“ARAY” or “the Company”) engaged J. Wood Capital Advisors (“JWCA”) to explore a refinancing of its $100 million convertible notes and $73 million term loan and revolver, both maturing in 2026.

Accuray’s objectives were to:

• Secure capital to address near-term refinancing needs to allow the Company to focus on commercialization of its radiotherapy systems

• Minimize dilution by delivering mostly cash in the convertible exchange

• Minimize stock price and execution risk with an overnight convertible transaction

• Simplify and streamline the capital structure with fewer debt holders

As financial advisor and exchange agent for the transaction, JWCA worked with the Company to evaluate a transaction that could best meet its objectives. JWCA then ran an extensive competitive process to obtain the most company-friendly terms on the term loan and designed a convertible exchange in which a combination of cash and shares would be delivered to address the upcoming convertible maturity. In its role, JWCA:

• Assisted in outreach to potential term loan lenders

• Analyzed term loan proposals to help ARAY select the one that best met its objectives

• Led investor outreach and execution of convertible exchange​

• Assisted the Company with capital structure analysis, investor messaging, and documentation review

Results

Accuray addressed the majority its 2026 maturity stack by refinancing into a new 5-year term loan and issuing ~8.9 million shares

Convertible exchange was executed confidentially and efficiently with a select group of investors to minimize stock price and market risk for the Company

Delayed draw tranche allows for a potential solution to address the remaining convertible stub at maturity and undrawn revolver provides operating flexibility