CryoLife launches $224 million term loan B at Libor plus 325-350 bps

By Sara Rosenberg

New York, Oct. 16 – CryoLife Inc. launched on Tuesday its $224 million covenant-light term loan B (B2/B) due Dec. 1, 2024 with price talk of Libor plus 325 basis points to 350 bps, according to a market source.

As previously reported, the term loan is also talked with a 1% Libor floor, a par issue price and 101 soft call protection for six months

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

Commitments are due at 1 p.m. ET on Oct. 22.

Proceeds will be used to reprice an existing term loan B.

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

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