Radiation oncology firm Accuray has secured a $40 million term loan with MidCap Financial Trust.
The agreement concurrently applies $20 million to the company's existing revolving loan with MidCap.
Accuray intends to use the net proceeds of the loan, along with existing cash, to retire the $40 million aggregate principal amount of its convertible senior notes and series A convertible senior notes due February 1, 2018, it said.
