CryoLife Closes on $15 Million Credit Facility with GE Healthcare Financial Services

CryoLife Closes on $15 Million Credit Facility with GE Healthcare Financial
Services

ATLANTA, March 31 /PRNewswire-FirstCall/ -- CryoLife, Inc. (NYSE: CRY)
(the "Company"), a biomaterials, medical device and tissue processing company,
announced it has entered into a credit facility with GE Healthcare Financial
Services, which provides for up to $15 million in revolving credit for working
capital, acquisitions and other corporate purposes. The credit agreement
expires in March 2011, at which time the outstanding principal balance will be
due.
Amounts borrowed bear interest at LIBOR or the lender's base rate, as
defined, plus an applicable margin, and are secured by substantially all of
the assets of the company and its subsidiaries. The credit agreement includes
various covenants such as minimum EBITDA, customary conditions on incurring
new indebtedness and limitations on cash dividends. For a discussion of the
material terms of the credit agreement see our Form 8-K filed with the
Securities and Exchange Commission on March 28, 2008.
"This credit facility further enhances the financial flexibility of the
Company and allows us to continue to evaluate opportunities that create value
for our shareholders," stated Steven G. Anderson, president and chief
executive officer of CryoLife, Inc.
"We are extremely pleased to add CryoLife as a new customer," said Robert
McCarrick, Senior Managing Director of Corporate Finance for GE Healthcare
Financial Services. "Our financing expertise and strong balance sheet enabled
us to quickly underwrite this transaction and will help CryoLife achieve its
short- and long-term financing needs."
About CryoLife, Inc.
Founded in 1984, CryoLife, Inc. is a leader in the processing and
distribution of implantable living human tissues for use in cardiac and
vascular surgeries throughout the United States and Canada. The Company
recently received FDA clearance for its CryoValve(R) SG pulmonary human heart
valve, processed using CryoLife's proprietary SynerGraft(R) Technology. The
Company's BioGlue(R) Surgical Adhesive is FDA approved as an adjunct to
sutures and staples for use in adult patients in open surgical repair of large
vessels. BioGlue is also CE marked in the European Community and approved in
Canada and Australia for use in soft tissue repair. The Company also
distributes the CryoLife-O'Brien(R) stentless porcine heart valve, which is CE
marked for distribution within the European Community.
Statements made in this press release that look forward in time or that
express management's beliefs, expectations or hopes are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements include those regarding anticipated benefits of the
credit facility. These benefits may not be realized as anticipated for
reasons that may be outside the Company's control, including the Company's
inability to maintain required EBITDA levels or meet other borrowing
conditions. In addition, there is no guarantee that the credit facility will
provide the Company with sufficient resources to pursue strategic
opportunities that may arise, and as a result, additional financing may be
required. For a discussion of additional risks impacting CryoLife's business,
see the Company's Form 10-K for the year ended December 31, 2007. The Company
does not undertake to update its forward-looking statements.

For additional information about the company, visit CryoLife's Web site:
http://www.cryolife.com

Media Contacts:

D. Ashley Lee Katie Brazel
Executive Vice President, Chief Financial Officer Fleishman Hillard
and Chief Operating Officer Phone: 404-739-0150
Phone: 770-419-3355

SOURCE CryoLife, Inc.

D. Ashley Lee, Executive Vice President, Chief Financial Officer and Chief
Operating Officer of CryoLife, Inc., +1-770-419-3355; or Katie Brazel of
Fleishman Hillard, +1-404-739-0150, for CryoLife, Inc.