Cryolife to launch $255 million credit facilities on Wednesday

By Sara Rosenberg

New York, Oct. 30 – Cryolife Inc. is scheduled to hold a bank meeting at 10 a.m. ET in New York on Wednesday to launch $255 million of credit facilities, according to a market source.

Deutsche Bank Securities Inc., Capital One Bank and Fifth Third Bank are the bookrunners on the deal.

The facilities consist of a $30 million revolver and a $225 million covenant-light first-lien term loan B due November 2024, the source said.

Proceeds will be used to help fund the acquisition of Jotec AG, a German-based developer of technologically differentiated endovascular stent grafts, and cardiac and vascular surgical grafts, and to refinance an existing $69 million term loan.

Under the agreement, CryoLife will acquire Jotec for an upfront payment of $225 million, subject to certain adjustments, consisting of 75% in cash and 25% in CryoLife common stock issued to Jotec’s shareholders.

Other funds for the transaction will come from cash on hand.

Closing is expected this year, subject to customary conditions.

CryoLife is a Kennesaw, Ga.-based medical device and tissue processing company focused on cardiac and vascular surgery.

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