MENLO PARK, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB), a leading developer of high-quality, highly accurate sequencing solutions, today announced that it has entered into a privately negotiated exchange agreement with a holder of PacBio's remaining outstanding 1.50% Convertible Senior Notes due 2028 (the "2028 Notes"), pursuant to which PacBio will (i) issue $200 million principal amount of its 1.50% Convertible Senior Notes due 2029 (the "New Notes"), (ii) issue 20,451,570 shares (the "Shares") of PacBio's common stock ("common stock"), and (iii) make a cash payment in the amount of $50 million (the "Cash Consideration") in exchange for $459 million principal amount of the 2028 Notes (the "Exchange Transaction"), in a transaction exempt from registration under the Securities Act of 1933, as amended, and the rules and regulations thereunder. The Exchange Transaction is expected to close on or about November 21, 2024, subject to customary closing conditions.