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JOTEC Acquisition | 9 Months Ended
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Sep. 30, 2017
JOTEC Acquisition [Abstract] |
JOTEC Acquisition | 16. JOTEC Acquisition On October 10, 2017 we announced that we entered into a definitive agreement to acquire JOTEC AG (“JOTEC”). The transaction is expected to close later this year, subject to customary closing conditions. JOTEC is a German-based, privately-held developer of technologically differentiated endovascular stent grafts, and cardiac and vascular surgical grafts, focused on aortic repair. The combination of CryoLife and JOTEC will create a company with a broad and highly competitive product portfolio focused on aortic surgery, and will position us to compete strongly in the important and growing endovascular surgical markets. ﻿ Under terms of the definitive agreement, we will acquire JOTEC for a purchase price of $225 million, subject to certain adjustments, consisting of 75% in cash and 25% in CryoLife common stock issued to JOTEC’s shareholders. We expect to finance the transaction and related expenses, as well as refinance our existing approximately $69 million term loan, with a new $255 million senior secured credit facilit y, consisting of a $225 million institutional term loan B and a $30 million undrawn revolving credit facility, $56.25 million in CryoLife common stock as determined on the date of signing of the agreement, and availabl e cash on hand. The senior secured credit facilit y is fully underwritten by Deutsche Bank, Capital One and Fifth Third Bank and is expected to be syndicated to investors prior to closing of the acquisition. ﻿ ﻿

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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