Pacific Biosciences of California, Inc. entered into a letter agreement with Chimera Investment LLC regarding the conversion of New Notes and lock-up restrictions, and also announced a privately negotiated exchange agreement with Chimera for the issuance of $441 million aggregate principal amount of the Company's 1.375% Convertible Senior Notes due 2030 in exchange for $441 million aggregate principal amount of the Company's 1.50% Convertible Senior Notes due 2028.