CryoLife Inc, a New York-listed cardiac and vascular company focused on aortic disease, announced that it intends to offer $100 million aggregate principal amount of convertible senior notes due 2025 in a private placement.
CryoLife also intends to grant the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $15,000,000 aggregate principal amount of the Notes.
The Notes will be senior unsecured obligations of the company.
The Notes are expected to pay interest semiannually and will mature on July 1, 2025, unless earlier converted, redeemed or repurchased in accordance with their terms.
Conversion of the Notes will be settled in cash, shares of the company’s common stock, or a combination thereof, at the company’s election. The final terms of the Notes, including the interest rate, initial conversion rate, and other terms, will be determined by negotiations between the company and the initial purchasers of the notes.
The company expects to use the net proceeds from the offering for general corporate purposes, including the repayment of approximately $30 million outstanding under its revolving credit facility.
If the initial purchasers exercise their option to purchase additional Notes, the Company expects to use the net proceeds from the sale of the additional Notes for general corporate purposes. – BusinessNewsAsia.com