Davis Polk advised Accuray Incorporated in connection with a private exchange of approximately $47 million aggregate principal amount of its outstanding 3.50% convertible senior notes due 2018 and 3.50% Series A convertible senior notes due 2018 (the “existing notes”) for $53 million aggregate principal amount of newly issued 3.75% convertible senior notes due 2022 (the “new notes”). Accuray also sold $32 million aggregate principal amount of new notes for cash in a private placement. Accuray used the proceeds from the cash issuance to repurchase approximately $28 million of additional existing notes.

Accuray Incorporated is a radiation oncology company that develops, manufactures, sells and supports precise, innovative treatment solutions, which set the standard of radiation therapy care with the aim of helping patients live longer, better lives.

The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jeffrey Gould and associates Tyler P. Pender and Connie Y. Lam. Partner Rachel D. Kleinberg and associate Catherine L. Chu provided tax advice. Associate Brantley Hawkins provided 1940 Act Advice. Members of the Davis Polk team are based in the Northern California and New York offices.

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