CryoLife plans $20 million offering of convertible preferreds

New York, March 8 - CryoLife, Inc. is planning to sell $20 million of convertible preferreds in an off-the-shelf transaction via Piper Jaffray.

The securities will have a forced conversion feature if CryoLife's stock trades above 150% of the conversion price for 20 out of 30 trading days, according to a 424B5 registration statement with the Securities and Exchange Commission.

All conversions, forced or voluntary, will have a dividend make-whole through March 2008.

The convertibles will be perpetual but will be callable after three years.

CryoLife, a Kennesaw, Ga., company that makes implantable medical devices and preserves and distributes human tissues for cardiovascular, vascular and orthopaedic transplants, will use proceeds for working capital and general corporate purposes.

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