CryoLife lines up $95 million loan commitments for On-X acquisition

By Susanna Moon

Chicago, Dec. 23 – CryoLife, Inc. obtained a debt commitment letter Tuesday for a $95 million senior secured credit facility to help finance the acquisition of On-X Life Technologies Holdings, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The lenders are Capital One, NA, Healthcare Financial Solutions, LLC, Fifth Third Bank and Citizens Bank, NA.

CryoLife plans to acquire On-X for $130 million, consisting of about $91 million in cash and about $39 million in shares of CryoLife’s common stock, represented by 3,703,704 shares.

CryoLife, an Atlanta-based biomaterials and biosurgical device company.

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