JWCA advises Artivion on the exchange of ~$100mm convertible notes for shares

May 2025 | read press release

Transaction Background

Artivion (“AORT” or, the “Company”) opportunistically exchanged $99.54mm  (~99.5%) of its outstanding 4.25% convertible due 2025 into shares. The high stock price allowed the Company to efficiently equitize the bonds, allowing the Company to reduce its outstanding debt balance before maturity.

Artivion’s objectives included:

  • De-lever: retire the convertible using stock as the consideration to preserve cash

  • Remove the potential need to utilize cash to pay off the convertible at maturity

  • Minimize transaction and friction costs; execute as efficiently as possible

  • Minimize market and stock price risk

JWCA acted as Exchange Agent for the transaction and provided the following support for the Company:

  • Provided analysis and advice around tactics related to investor targeting and engagement

  • Analyzed transaction alternatives, including use of soft-call feature

  • Investor outreach, negotiation, and execution of exchanges

Results

The Company successfully de-levered by delivering shares of its stock and paid cash for accrued interest to retire the convertible:

  • Exchanged ~$99.54mm of the convertible notes (~99.5% of outstanding) for ~4.3mm shares of common stock

  • Minimal transaction cost: the value delivered to investors represented a small premium to the bond trading price

  • Confidential execution: the transaction was negotiated privately with a small group of holders