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CRY - CryoLife Inc News Story

$21.06 0.6  3.0%

Last Trade - 07/08/20

Mid Cap
Market Cap £610.9m
Enterprise Value £740.8m
Revenue £197.5m
Position in Universe 2543rd / 6395

BUZZ-CryoLife shares whimper after co launches convertbile offering

Thu 18th June, 2020 5:21pm
** CryoLife Inc  CRY.N  shares falling 14.2% to roughly
2-month low of $36.89 as medical device maker looks to raise
    ** Co offering privately $100 mln 5-yr convertible senior
notes for general corp purposes, including repayment of $30 mln
outstanding under its revolver*:nPnx4mJda
    ** Bookrunner Morgan Stanley marketing notes with
3.75%-4.25% coupon, 35%-40% convertible premium, IFR reports
    ** Co has 37.7 mln shares outstanding for ~$$880 mln market
cap as of Weds close, per Refinitiv data
    ** With decline on Thurs, CRY extending YTD loss to ~26%
    ** Shares of other medical device makers such as Medtronic
 MDT.N  ($128 bln market cap) and LivaNova  LIVN.O  ($2.4 bln
market cap) have lost ~16% and ~36%, respectively, in 2020

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
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