Amyris delivers high-performance alternatives to petroleum, plant and animal-based products across a wide range of consumer and industry segments. Our products offer customers a way to reduce environmental impact with No Compromise® in performance or availability. We are making better chemistry biologically.
EMERYVILLE, Calif., Dec. 29, 2016 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced it has signed a definitive agreement with affiliates of Fidelity Management and Research Company (‘Fidelity') to exchange $15.3 million of 3% notes due March 2017 into Amyris's existing 9.5% notes due April 2019. In addition, with the effect of this exchange, as disclosed on October 12, 2016, senior secured debt held by Stegodon Corporation totaling $28.6 million, currently due February 2017, will be extended to October 2018. More details of this transaction are available in the Form 8-K filed on December 29. The exchange is subject to customary closing conditions, including obtaining certain required approvals.
"We promised earlier in the year that we would work hard to restructure near term debt maturities in Q4 while improving our balance sheet, and this transaction is another example of our execution," said John Melo, Amyris President and CEO. "We're very pleased with the continued support of Fidelity and the terrific momentum we are experiencing in our underlying business as we are in process of achieving another record quarter."
Amyris is the integrated renewable products company that is enabling the world's leading brands to achieve sustainable growth. Amyris applies its innovative bioscience solutions to convert plant sugars into hydrocarbon molecules and produce specialty ingredients and consumer products. The company is delivering its No Compromise® products across a number of markets, including specialty and performance chemicals, flavors and fragrances, cosmetics ingredients, and pharmaceuticals and nutraceuticals. More information about the company 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 the expected closing of the debt exchange and the related extension of certain debt maturities, anticipated 2017 revenue expansion and expected fourth quarter 2016 financial results) 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 risks related to satisfying closing conditions, manufacturing capacity at Amyris's Brotas facility, delays or failures in development, production and commercialization of products, liquidity and ability to fund capital expenditures, Amyris's reliance on third parties to achieve its goals, and other risks detailed in the "Risk Factors" section of Amyris's quarterly report on Form 10-Q filed on November 9, 2016. 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 the Amyris logo are registered trademarks of Amyris, Inc. All other trademarks are the property of their respective owners.