Cryoport $403 million notes offering and concurrent $249 million stock offering
The company issued 0.75% convertible senior notes due 2026 and sold shares in a registered direct offering
Davis Polk advised the initial purchasers in connection with a Rule 144A offering by Cryoport, Inc. of $402.5 million aggregate principal amount of its 0.75% convertible senior notes due 2026, which includes $52.5 million aggregate principal amount of notes issued pursuant to the exercise in full by the initial purchasers of their option to purchase additional notes. In addition, Davis Polk advised the placement agents in connection with a concurrent registered direct offering of 3,072,038 shares of the company’s common stock, for total gross proceeds of approximately $249.1 million. A portion of the net proceeds from the convertible notes offering, together with the net proceeds from the registered direct offering, were used to repurchase approximately $100.7 million principal amount of the company’s outstanding convertible senior notes due 2025.
Cryoport, Inc. is a global leader in temperature-controlled supply chain solutions for the life sciences industry.
The Davis Polk corporate team included partner Alan F. Denenberg, counsel Jeffrey Gould and associate Beth LeBow. Partner Lucy W. Farr and associate Benjamin Helfgott provided tax advice. Partner Pritesh P. Shah and associates Christopher C. Woller and Alexis N. Wallace provided intellectual property advice. Members of the Davis Polk team are based in the Northern California and New York offices.