Business
Cryoport, Inc. Prices $100.0 Million Convertible Senior Notes Offering
NASHVILLE, Tenn., May 21, 2020 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport") today announced the pricing on May 20, 2020 of its offering of
About this update from Cryoport, Inc.
[{"type":"text","content":"NASHVILLE, Tenn., May 21, 2020 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (\"Cryoport\") today announced the pricing on May 20, 2020 of its offering of $100.0 million in aggregate principal amount of 3.00% convertible senior notes due 2025 (the \"notes\") in a private offering to investors reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \"Securities Act\"). Cryoport also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $15.0 million in principal amount of notes.\n\n \n \n \n \n \n \n\n \nThe notes will be senior, unsecured obligations of Cryoport and will accrue interest at a rate of 3.00% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2020. The notes will mature on June 1, 2025, unless earlier repurchased, redeemed or converted. At any time before the close of business on the scheduled trading day immediately before the maturity date, noteholders may convert their notes at their option into shares of Cryoport's common stock, together, if applicable, with cash in lieu of any fractional share, at the then-applicable conversion rate. The initial conversion rate is 41.8261 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $23.91 per share of common stock. The initial conversion price represents a premium of approximately 15% over the last reported sale of $20.79 per share of Cryoport's common stock on May 20, 2020. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.\nThe notes will not be redeemable at Cryoport's election before June 5, 2023. The notes will be redeemable, in whole and not in part, for cash at Cryoport's option at any time on or after June 5, 2023, but only if (1) the last reported sale price per share of Cryoport's common stock exceeds 130% of the conversion price for a specified period of time and (2) a registration statement covering the resale of the shares of Cryoport's common stock issuable upon conversion of the notes is effective and available for use. 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 excludi...