Business
Cryoport, Inc. Prices Upsized $350.0 Million Convertible Senior Notes Offering
NASHVILLE, Tenn., Nov. 9, 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. 9, 2021 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced the pricing of its offering of $350,000,000 aggregate principal amount of 0.75% 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\"). The offering size was increased from the previously announced offering size of $300,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on November 12, 2021, subject to customary closing conditions. Cryoport also granted 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 $52,500,000 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 0.75% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2022. The notes will mature on December 1, 2026, unless earlier repurchased, redeemed or converted. Before September 1, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after September 1, 2026, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. 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 initial conversion rate is 8.5038 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $117.59 per share of common stock. The initial conversion price represents a premium of approximately 45.0% over the last reported sale price of $81.10 per share of Cryoport's common stock on November 9, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. If a \"make-whole fundamental change\" (as defined in the indenture for the notes) o...