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ACCURAY INCORPORATED (NASDAQ:ARAY) Files An 8-K Entry into a Material Definitive Agreement

ACCURAY INCORPORATED (NASDAQ:ARAY) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.

On March 10, 2017, Accuray Incorporated (the “Company”) entered into an amendment (the “Second Amendment”) to the Financing Agreement dated as of January 11, 2016 (as amended or otherwise modifed, the “Financing Agreement”), by and among the Company, as co-borrower, TomoTherapy Incorporated, a direct, wholly-owned subsidiary of the Company, as co-borrower, Morphormics Inc., a direct, wholly-owned subsidiary of the Company, as guarantor, the lenders party thereto and Cerberus Business Finance, LLC, as collateral agent and administrative agent. The Second Amendment amends the compliance levels with respect to the consolidated EBITDA, secured leverage ratio, total leverage ratio and fixed charge coverage ratio financial maintenance covenants contained in the Financing Agreement. In addition, the Second Amendment (i) increased the interest rate margins under the Financing Agreement by 0.50% until certain specified conditions are met, (ii) requires the Company to obtain a letter of credit in the face amount of $12,500,000 for the benefit of the administrative agent, which is drawable upon the occurrence or nonoccurrence of certain conditions and events, (iii) makes certain related amendments to the debt and lien covenants and financial ratio definitions, and (iv) requires the Company to pay certain amendment fees and legal expenses incurred in connection with the Second Amendment.

The foregoing summary of the terms of the Second Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Second Amendment, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.

About ACCURAY INCORPORATED (NASDAQ:ARAY)
Accuray Incorporated is a radiation oncology company. The Company develops, manufactures and markets medical devices used in radiation therapy for the treatment of cancer patients. Its products include the CyberKnife Systems, the TomoTherapy Systems, and the Radixact Delivery Treatment Platform. Its technologies, the CyberKnife and TomoTherapy Systems, are designed to deliver treatments, including stereotactic radiosurgery (SRS), stereotactic body radiation therapy (SBRT), intensity modulated radiation therapy (IMRT), image guided radiation therapy (IGRT) and adaptive radiation therapy. The CyberKnife Systems are robotic systems that are used to treat various types of cancer and tumors throughout the body. The CyberKnife Systems track, detect and correct for tumor and patient movement in real-time during the procedure. The TomoTherapy Systems include the TomoTherapy H Series with configuration options of TomoH, TomoHD and TomoHDA. ACCURAY INCORPORATED (NASDAQ:ARAY) Recent Trading Information
ACCURAY INCORPORATED (NASDAQ:ARAY) closed its last trading session down -0.15 at 5.00 with 797,833 shares trading hands.

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