CryoPort Announces $200M Repurchase Program And The Repurchase Of $160M Of Convertible Senior Notes

Author: Benzinga Newsdesk | August 06, 2024 05:01pm

• $200 million repurchase program authorized to repurchase common stock and/or convertible notes
   
• Repurchasing approximately $160 million of 0.75% Senior Notes due in 2026 at an 11.5% discount to par value
   
• Principal balance reduced to approximately $186.2 million

NASHVILLE, Tenn., Aug. 6, 2024 /PRNewswire/ -- Cryoport, Inc. (NASDAQ:CYRX) ("Cryoport" or the "Company"), a global leader in supply chain solutions for the life sciences, today announced that the Company's Board of Directors had authorized a repurchase program to purchase up to $200 million of the Company's common stock and/or convertible senior notes (the "2024 Repurchase Program").  The 2024 Repurchase Program became effective on August 1, 2024 and remains in effect through December 31, 2027. 

The Company also announced that it has entered into agreements with certain holders of its 0.75% Convertible Senior Notes due in 2026 (the "2026 Notes") to repurchase $160 million in aggregate principal amount of the 2026 Notes (the "Transactions") for an aggregate repurchase price of $141.6 million, plus accrued and unpaid interest.  The Transactions were made under the 2024 Repurchase Program.

Posted In: CYRX