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Cryoport Announces $200 Million Repurchase Program and the Repurchase of $160 Million of Convertible Senior Notes
CYRXCryoport(CYRX) Prnewswire·2024-08-06 20:05

Core Viewpoint - Cryoport, Inc. has authorized a 200millionrepurchaseprogramforcommonstockand/orconvertibleseniornotes,aimedatstrengtheningitsbalancesheetandmaintainingliquidityforlong−termgrowth[1][3].Group1:RepurchaseProgramDetails−The2024RepurchaseProgramiseffectivefromAugust1,2024,andwillremainineffectuntilDecember31,2027[1].−Thecompanyplanstorepurchaseapproximately200 million repurchase program for common stock and/or convertible senior notes, aimed at strengthening its balance sheet and maintaining liquidity for long-term growth [1][3]. Group 1: Repurchase Program Details - The 2024 Repurchase Program is effective from August 1, 2024, and will remain in effect until December 31, 2027 [1]. - The company plans to repurchase approximately 160 million of its 0.75% Convertible Senior Notes due in 2026 at an 11.5% discount to par value, resulting in a total repurchase price of 141.6millionplusaccruedinterest[1][2].−Followingtherepurchase,theprincipalbalanceofthe2026Noteswillbereducedtoapproximately141.6 million plus accrued interest [1][2]. - Following the repurchase, the principal balance of the 2026 Notes will be reduced to approximately 186.2 million from an initial balance of $402.5 million [3]. Group 2: Company Overview - Cryoport, Inc. is a global leader in supply chain solutions for the life sciences, focusing on cell and gene therapies [5]. - The company provides a wide range of supply chain solutions, including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, biostorage, and cryogenic systems [5]. - Cryoport operates from its headquarters in Nashville, Tennessee, with over 50 global locations across 17 countries [6].