Cryoport to repurchase $100.7 million of 3% convertibles due 2025

By Marisa Wong

Los Angeles, Nov. 10 – Cryoport, Inc. intends to repurchase $100.7 million of its outstanding 3% convertible senior notes due 2025, according to a press release.

Cryoport plans to repurchase the notes through privately negotiated transactions with a limited number of holders for an aggregate repurchase price of $351.1 million, which includes accrued interest.

The company will fund the buyback using some proceeds from its offering of new 0.75% convertible senior notes due 2026 and proceeds from a registered direct placement of common stock. Remaining proceeds will be used for general corporate purposes.

Holders of the 2025 convertible notes that participate in any of these repurchases may purchase or sell shares of Cryoport’s common stock in the open market to unwind any hedge positions they may have with respect to the notes or to hedge their exposure in connection with these transactions.

These activities may adversely affect the trading price of Cryoport’s common stock and the notes being offered, the company noted.

Moreover, market activities by holders of the 2025 convertible notes may impact the initial conversion price of the new notes being offered, the company added.

Cryoport is a Nashville-based cryogenic logistics company for the life sciences industry.

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