ATLANTA, June 18, 2020 /PRNewswire/ -- CryoLife,
Inc. (NYSE: CRY) ("CryoLife" or "the Company"), a leading
cardiac and vascular surgery company focused on aortic disease,
today announced that it intends to offer, subject to market
conditions and other factors, $100,000,000 aggregate principal amount of
convertible senior notes due 2025 (the "Notes") in a private
placement to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the "Securities
Act"). 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.
This press release does not and shall not constitute an offer to
sell nor a solicitation of an offer to buy the Notes or shares of
the Company's common stock, nor shall there be any offer,
solicitation or sale of the Notes or such common stock in any state
or jurisdiction in which such an offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction. The
offering may be made only by means of an offering memorandum.
The Notes and any shares of the Company's common stock issuable
upon conversion of the Notes have not been, and will not be,
registered under the Securities Act, or the securities laws of any
other jurisdiction, and may not be offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and the rules
promulgated thereunder and applicable state securities laws.
The offering of the Notes is being made only to persons reasonably
believed to be qualified institutional buyers pursuant to Rule 144A
under the Securities Act.
About CryoLife, Inc.
Headquartered in suburban
Atlanta, Georgia, CryoLife is a
leader in the manufacturing, processing, and distribution of
medical devices and implantable tissues used in cardiac and
vascular surgical procedures focused on aortic repair.
CryoLife markets and sells products in more than 100 countries
worldwide. For additional information about CryoLife, visit
our website, www.cryolife.com.
Forward Looking Statements
Statements made in this
press release that look forward in time or that express
management's beliefs, expectations, or hopes are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements reflect
the views of management at the time such statements are made.
These statements specifically include statements regarding the
proposed terms of the Notes, the size of the proposed offering and
the expected use of proceeds from the sale of the Notes.
These forward-looking statements are subject to a number of
risks, uncertainties, estimates, and assumptions that may cause
actual results to differ materially from current expectations,
including the effects of COVID—19 and government mandates
implemented to address the pandemic. These risks and
uncertainties include the risk factors detailed in our Securities
and Exchange Commission filings, including our Form 10-K for year
ended December 31, 2019 and Form 10-Q
for the quarter ended March 31, 2020.
CryoLife does not undertake to update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Contacts:
|
|
CryoLife
D. Ashley
Lee
Executive Vice
President, Chief Financial
Officer and Chief
Operating Officer
Phone: 770-419-3355
|
Gilmartin Group
LLC
Greg Chodaczek / Lynn
Lewis
Phone:
347-620-7010
investors@cryolife.com
|
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SOURCE CryoLife, Inc.