Accuray (ARAY -1%) dips after pricing its $100M offering of of 3.50% convertible senior notes...

|About: Accuray Incorporated (ARAY)|By:, SA News Editor

Accuray (ARAY -1%) dips after pricing its $100M offering of of 3.50% convertible senior notes due 2018, and grants the right for the initial purchaser to buy up to an additional $15M in aggregate principal amount if needed for overallotments. The purpose for the offering is to strengthen ARAY's balance sheet and improve its competitive position. It intends to use the net proceeds from the offering for investing strategically in expanding its business and new product initiatives.