Business
Cryoport, Inc. Announces Proposed Convertible Senior Notes Offering
NASHVILLE, Tenn., Nov. 8, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX), a global leader in temperature-controlled supply chain solutions for the life
About this update from Cryoport, Inc.
[{"type":"text","content":"NASHVILLE, Tenn., Nov. 8, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced its intention to offer, subject to market and other conditions, $300,000,000 aggregate principal amount of convertible senior notes due 2026 (the \"notes\") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). Cryoport also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date notes are first issued, up to an additional $45,000,000 principal amount of notes.\n\n \n \n \n \n \n \n\n \nThe notes will be senior, unsecured obligations of Cryoport, will accrue interest payable semi-annually in arrears and will mature on December 1, 2026, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Cryoport will settle conversions by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at Cryoport's election. The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Cryoport's option at any time, and from time to time, on or after December 6, 2024 and on or before the 41st scheduled trading day immediately before the maturity date, but only if certain liquidity conditions are satisfied and the last reported sale price per share of Cryoport's common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.\nCryoport intends to use the net proceeds from the registered direct placement of common stock referred to below and a portion of the net proceeds from the offering to repurchase a portion of its outstanding 3.00% Convertible Senior Notes due 2025 (the \"2025 convertible notes\") in separate, privately negotiated repurchase transactions with a limi...