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CRY > SEC Filings for CRY > Form 8-K on 8-Apr-2014All Recent SEC Filings

Show all filings for CRYOLIFE INC



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement.

On April 2, 2014 (the "Effective Date"), CryoLife, Inc. ("CryoLife" or the "Company") and certain of its subsidiaries amended CryoLife's Amended and Restated Credit Agreement, dated October 28, 2011, with General Electric Capital Corporation ("GE"), as lender, swingline lender, letter of credit issuer, and agent for all lenders, as amended (the "Credit Agreement"). The Fourth Amendment to the Credit Agreement (the "Fourth Amendment") increased to $14 million the maximum amount (the "Maximum") that the Company may spend, through the Credit Agreement termination date (October 28, 2014), to purchase or redeem common stock of the Company pursuant to a stock repurchase program. The Amendment effectively increases the amount the Company may spend to repurchase stock, because prior to the amendment, the Company could effectively repurchase stock of only $8.75 million. The $14 million Maximum is sufficient to cover the remaining amount under the stock repurchase program approved by the Company's board of directors in February 2013, approximately $13.5 million.

As of April 2, 2014, there were no amounts outstanding under the Credit Agreement. The other material terms of the Credit Agreement remain unchanged.

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