Cryoport plans to offer $100 million convertible notes due 2025

Chicago, May 19 – Cryoport, Inc. announced that it plans to sell $100 million of convertible notes due June 1, 2025, according to a press release.

The Rule 144A offering will include a 30-day greenshoe for an additional $15 million of notes.

The notes will be putable at the option of the noteholders at any time until the trading day immediately before the maturity date at the then-applicable conversion rate. If put, noteholders would receive shares, with fractional shares paid in cash.

The notes are callable before June 5, 2023, subject to a 130% hurdle after that time.

Proceeds will be used for working capital, inventory development, global infrastructure buildout and facilities expansion, sales and marketing and potential acquisitions with strategic impact.

Based in Brentwood, Tenn., Cryoport provides cryogenic logistics solutions to the life sciences industry.

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