Amyris Secures $83.7 Million in Additional Financing
February 27 2012 - 8:00AM
Business Wire
Amyris, 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 petroleum-based products.”
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 visit: http://investors.amyris.com.
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.
Forward-Looking Statements
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 Amyris, Inc.
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