CryoLife to offer $100 million of 5-year convertible notes

CryoLife Inc. said Thursday it is planning to offer $100 million in convertible senior notes that mature in 2024 in a private placement, joining the many companies issuing debt to bolster liquidity during the coronavirus pandemic. The maker of medical devices for cardiac and vascular surgical procedures said it will use the proceeds for general corporate purposes, including repaying about $30 million outstanding under its revolving credit facility. Shares were not active premarket, but have fallen 14% in the year to date, while the S&P 500 has fallen 4%.

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