$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.
Jerrell Shelton , CEO of Cryoport, commented, "We are pleased to complete this opportunistic repurchase of our 2026 Notes. With our strong cash position, we are in a position to reduce our outstanding debt and further strengthen our balance sheet, while also maintaining considerable liquidity to support our long-term growth plans." Th.