The Atlanta-based company is offering the notes, due in 2025, as well as a 13-day option for initial purchasers to buy up to an additional $15 million in notes, which will be senior unsecured obligations of the company, according to a news release.
Notes in the offering will pay interest semiannually and mature on July 1, 2025, unless earlier converted, redeemed or repurchased. The final terms of the notes, including interest rate, conversion rate and other terms will be determined by negotiations between CryoLife and the initial purchasers.
CryoLife intends to use the proceeds for general corporate purposes, including the repayment of approximately $30 million outstanding under its revolving credit facility. Any additional proceeds from the 13-day option will also go toward general corporate purposes.
The company develops medical devices and implantable tissues used in cardiac and vascular surgical procedures focused on aortic repair.