Amyris Secures $83.7 Million in Additional Financing
$58.7 million common stock and $25 million in convertible debt
provide boost to Amyris working capital
EMERYVILLE, Calif.--(BUSINESS WIRE)--
Inc. (NASDAQ: AMRS), a leading renewable chemicals and fuels
company, today announced that it has completed a $58.7 million private
placement of its common stock and entered into a definitive agreement to
privately place $25 million in aggregate principal amount of 3% senior
unsecured notes due 2017. The placement of notes is subject to customary
closing conditions and expected to be completed by February 28, 2012.
The private placement of its common stock included existing Amyris
investors Temasek Holdings, Total Gas & Power USA, SAS, and Naxyris SA
(an affiliate of NAXOS Capital Partners), as well as new investors
Biolding Investment SA (a company owned by HH Sheikh Abdullah bin
Khalifa Al-Thani of Qatar), an entity affiliated with director John
Doerr (of Kleiner Perkins Caufield & Byers, a current stockholder), and
an entity affiliated with director Fernando Reinach. The purchase and
sale price for the shares was $5.78 per share, based on the consolidated
closing bid price for Amyris common stock on NASDAQ of $5.77 on February
22, 2012, the day that the Company and the investors entered into the
purchase agreement for the transaction, plus $0.01.
The common stock transaction included a commitment on the part of
Biolding to invest an additional $15 million in common stock upon
satisfaction by Amyris of criteria associated with the commissioning of
Amyris's Paraíso Bioenergia SA production plant in Brazil by March 31,
2013. The addition of this conditional $15 million in funding would
bring the total amount raised in connection with these equity and note
transactions to $98.7 million. Among the various terms that will be
detailed in the Company's regulatory filing for this transaction, Amyris
has granted each of Biolding, Naxyris and Temasek Holdings the right to
designate a director to serve on Amyris's board.
The notes, which are to be acquired by various funds associated with an
institutional investor for a purchase price of $25 million, have a
conversion price of $7.0682 per share, which represents an 18% premium
over the consolidated closing bid price of Amyris common stock on NASDAQ
on February 24, 2012, the day the parties entered into the purchase
agreement for the unsecured notes.
"This renewed commitment of our investors puts Amyris on strong
financial footing and reinforces our ability to scale up our technology.
We are thrilled with the investment from His Highness Sheikh Abdullah
and his commitment to invest in the production of renewable hydrocarbons,"
said John Melo, Amyris President & CEO. "From fuels to chemicals
and beyond, Amyris is delivering renewable alternatives to
As previously announced, Amyris will report its full financial results
for the fourth quarter and year ended December 31, 2011, after market
close on Monday, February 27, 2012. The Company will hold its regularly
scheduled quarterly conference call to discuss these results at 5:00
p.m. Eastern Standard Time. To participate via live webcast, please
About Amyris, Inc.
Amyris is an integrated renewable products company focused on providing
sustainable alternatives to a broad range of petroleum-sourced products.
Amyris uses its industrial synthetic biology platform to convert plant
sugars into a variety of hydrocarbon molecules - flexible building
blocks that can be used in a wide range of products. Amyris is
commercializing these products both as No Compromise® renewable
ingredients in cosmetics, flavors and fragrances, polymers, lubricants
and consumer products, and also as No Compromise renewable diesel and
jet fuel. Amyris Brasil Ltda., a subsidiary of Amyris, oversees the
establishment and expansion of Amyris's production in Brazil. Amyris
also has fuel distribution capabilities in the United States through its
subsidiary, Amyris Fuels, LLC. More information about Amyris is
available at www.amyris.com.
This release contains forward-looking statements, and any statements
other than statements of historical facts could be deemed to be
forward-looking statements. These forward-looking statements include,
among other things, statements regarding future events (such as closing
a convertible note transaction) that involve risks and uncertainties.
These statements are based on management's current expectations and
actual results and future events may differ materially due to risks and
uncertainties, including those associated with contractual uncertainty,
operational start-up timelines and other risks detailed in the "Risk
Factors" section of Amyris's annual report on Form 10-K filed on March
14, 2011 and quarterly reports on Form 10-Q filed on November 9, 2011,
August 11, 2011 and May 11, 2011. Amyris disclaims any obligation to
update information contained in these forward-looking statements whether
as a result of new information, future events, or otherwise.
Amyris and No Compromise are trademarks or registered trademarks of
Sapphire Investor Relations, LLC
Source: Amyris, Inc.
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