Exact Sciences Corporation announced it has entered into purchase agreement to issue 1.75% Senior Unsecured Convertible Notes due April 15, 2031 for a principal amount of $266,800,000 on April 10, 2024. The notes bear interest at a rate of 1.75% per year and will mature on April 15, 2031. The interest on the notes will be payable semi-annually in arrears on October 15 and April 15 of each year, beginning on October 15, 2024.

The Notes will be convertible into cash, shares of the Company?s common stock at a conversion rate of initially 10.0644 shares per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $99.36 per share of common stock. The conversion rate is subject to adjustment upon the occurrence of certain specified events but will not be adjusted for accrued and unpaid interest. On or after April 17, 2029, the Company may redeem all or any portion of the New Notes at 100% of the principal amount plus accrued and unpaid interest if the last reported sale price of Common Stock has been at least 130% of the conversion price for a specified period of time.

The transaction is expected to close on April 17, 2024.