Moody’s raises CryoLife term loan

Moody’s Investors Service said it upgraded CryoLife, Inc.’s first-lien credit facility to B1 from B2.

“The upgrade of the first-lien credit facility rating reflects CryoLife’s issuance of $100 million of unsecured convertible notes (unrated). The first-lien credit facility will benefit from the loss absorption provided by this new, junior debt in the capital structure,” Moody’s said in a press release.

Moody’s also affirmed the company’s B2 corporate family and B2-PD probability of default ratings. The speculative grade liquidity rating of SGL-1 is unchanged. The outlook remains stable.

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