Cryoport greenshoe ups 0.75% convertibles due 2026 to $402.5 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 12 – Underwriters for Cryoport, Inc.’s 0.75% five-year convertible senior notes fully exercised their $52.5 million greenshoe, increasing the total size of the deal to $402.5 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced an upsized $350 million of the convertibles at par on Nov. 9 with an initial conversion premium of 45%, as previously reported.

Price talk was for a coupon of 0.75% to 1.25% and an initial conversion premium of 40% to 45%, according to a market source.

Jefferies LLC and SVB Leerink LLC are bookrunners for the Rule 144A offering.

The initial size of the offering was $300 million with a greenshoe of $45 million.

The notes are non-callable until Dec. 6, 2024 and then subject to a 130% hurdle. They are putable upon a fundamental change.

There is dividend protection.

The notes will be settled in cash, shares or a combination of both at the company’s option.

Concurrently, the company priced a secondary offering of 3,072,038 shares at a price of $81.10.

The company also repurchased $100.7 million of the principal amount of its 3% convertible notes due 2025 for $351.1 million.

Net proceeds from the convertible notes offering will be $389.9 million with the greenshoe.

Proceeds will be used to cover the cost of the repurchase of the 3% convertible notes and for general corporate purposes.

Cryoport is a Nashville-based cryogenic logistics solutions company that serves the life sciences industry.

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