Amyris Announces Non-Dilutive $36 Million Term Loan to Pay Off Stegodon and Other Short-Term Debt Maturities
July 02 2018 - 8:30AM
Amyris, Inc. (Nasdaq:AMRS), a leader in the development and
production of sustainable ingredients for the Health &
Wellness, Clean Beauty and Flavors & Fragrances markets,
announces that it has closed on a $36 million term loan with
Great American Capital Partners, LLC ("GACP"), a
subsidiary of B. Riley Capital Management, LLC, an SEC
Registered Investment Advisor and wholly-owned subsidiary of B.
Riley Financial, Inc.
Cash from the term loan will be used to pay off the company’s
Stegodon and other short-term debt maturities. The term loan also
includes an additional $35 million accordion credit facility that
provides Amyris with another option for financing construction of
its production facility, if necessary.
“We are pleased with the support GACP has provided in enabling
us to resolve our near-term debt, and we now have no other
significant debt issues to resolve through the rest of the year,”
said John Melo, President and CEO of Amyris. “This has provided
Amyris the flexibility and time needed to further execute our
business initiatives, including resolving other debt and improving
our capital structure when the timing and economics are more
advantageous.”
“Our industry experience combined with our ability to develop a
flexible financing strategy enables us to help companies like
Amyris continue to focus and pursue growth opportunities for their
business,” said John Ahn, President of GACP. “We are very pleased
to have been selected by Amyris and play an important role in their
continued growth and success.”
B. Riley FBR, Inc, a full service investment bank and an
affiliate of GACP, sourced and advised Amyris on the
transaction.
Terms of the loan and the related agreement are more fully
disclosed in the Form 8-K filed today with the Securities and
Exchange Commission, available free of charge at sec.gov.
About Great American Capital Partners, LLC
Great American Capital Partners (GACP) originates and
underwrites senior secured loans across a wide array of industries
and is dedicated to providing opportunistic and responsive capital
to the underserved middle market.
About B. Riley Financial, Inc. B. Riley
Financial, Inc. (NASDAQ:RILY), through its subsidiaries,
provides collaborative financial services and solutions to the
capital raising and financial advisory needs of public and private
companies and high net worth individuals. The company operates
through several wholly-owned subsidiaries,
including B. Riley FBR, Inc., Wunderlich Securities,
Inc., Great American Group, LLC, B. Riley Capital
Management, LLC (which includes B. Riley Asset
Management, B. Riley Wealth Management, and Great
American Capital Partners, LLC) and B. Riley Principal
Investments, LLC, a group that makes proprietary investments in
other businesses, such as the acquisition of United Online,
Inc.
About AmyrisAmyris 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 and services
across a number of markets, including specialty and performance
chemicals, flavors and fragrances, cosmetics ingredients,
pharmaceuticals, and nutraceuticals. More information about the
company is available at www.amyris.com.
Forward-Looking Statements
This release contains forward-looking statements, and any
statements other than statements of historical fact could be deemed
to be forward-looking statements. These forward-looking statements
include, among other things, statements regarding future events
(such as the expected use of the proceeds from the term loan and
anticipated improvement in Amyris’s capital structure), 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 Amyris's liquidity and ability to fund
operating and capital expenses, potential delays or failures in
development, production and commercialization of products, risks
related to Amyris's reliance on third parties, and other risks
detailed from time to time in filings Amyris makes with
the Securities and Exchange Commission, including Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. 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, the Amyris logo and No Compromise are trademarks or
registered trademarks of Amyris, Inc. in the U.S. and/or other
countries. All other trademarks are the property of their
respective owners.
Contact:Peter DeNardoDirector, Investor
Relations and Corporate CommunicationsAmyris, Inc. +1 (510)
740-7481investor@amyris.compr@amyris.com
Amyris (NASDAQ:AMRS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Amyris (NASDAQ:AMRS)
Historical Stock Chart
From Sep 2023 to Sep 2024