EMERYVILLE, Calif., Aug. 8, 2013 (GLOBE NEWSWIRE) -- Amyris, Inc. (Nasdaq: AMRS ), a leading renewable chemicals and fuels company, today announced it entered into agreement for the sale of convertible notes in a private placement for up to $60 million in cash proceeds.
Under the terms of the agreement, one of Amyris's largest stockholders, Temasek, agreed to purchase $35 million of the notes in an initial tranche and, at Amyris's election, up to $25 million in a second tranche. Both tranches are subject to Amyris's satisfaction of closing conditions, including stockholder approval of the transaction at an upcoming special meeting of stockholders.
" This financing agreement is an affirmation of our largest stockholders' continued support for our strategy. This funding will provide us with financial flexibility to help us achieve our business objectives," said John Melo, Amyris President & CEO.
"Our progress to date developing and manufacturing molecules developed under our proprietary synthetic biology platform, including ramp up of our new industrial fermentation facility for the production of farnesene in Brazil, continues to demonstrate our leadership in the sector ," Melo concluded.
PURCHASE TERMS
The purchase agreement for the offering contemplates the sale of senior convertible promissory notes in two tranches—one of $35 million in initial principal amount and one of $25 million in initial principal amount.
The initial tranche of $35 million is expected to close following stockholder approval at a required special meeting of stockholders, which is scheduled to take place in September. The terms of this first tranche will be detailed in our regulatory filings associated with this transaction and include a 15% discount to the 60-day volume weighted average price on the date we signed the purchase agreement.
The second tranche of up to $25 million is contemplated to be issued at Amyris's option at any time within 24 months of the signing of the purchase agreement and only following the satisfaction of certain closing conditions detailed in our regulatory filing , including approval of Amyris's shareholders at a required special meeting of stockholders. Among the closing conditions of the second tranche are specified production and operational metrics associated with Amyris's farnesene production facility located in Brotas, Brazil.
Under the agreement, Total Energies Nouvelles Activités USA will participate for approximately $7.6 million in the first tranche and $5.4 million in the second tranche of additional funding, representing its pro rata portion of the offering, which it would acquire by cancellation of existing promissory notes previously issued to it by Amyris.
UPCOMING INVESTOR CALL
Amyris will report financial results for the second quarter ended June 30, 2013 after market close on Thursday, August 8, 2013. Amyris will hold a conference call to discuss quarterly results, as well as provide an update on the Company's business and outlook, at 4:30 p.m. ET on Thursday, August 8, 2013. To listen via live webcast, please visit: http://investors.amyris.com .
Amyris will participate in the Jefferies 2013 Industrials Conference taking place August 12-15 in New York City. Amyris Chief Financial Officer, Steven Mills, is scheduled to make a presentation at 10:00 a.m. ET on August 12, 2013. The presentation will be webcast in the Investor Relations section of the Company's website.
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's initial portfolio of commercial products is based on Biofene®, Amyris's brand of renewable farnesene, a long-chain hydrocarbon. 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. 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 the anticipated timing, size and closing of a private placement, participation by certain investors in the private placement, and the ability of the funding to provide financial flexibility to achieve business objectives) 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 any delays or failures in development, production or 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 May 9, 2013. 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, Biofene and No Compromise are trademarks or registered trademarks of Amyris, Inc.
Media and Investor Relations Joel Velasco +1 (510) 597-5577
