Amyris agrees USD-60m convertible notes issue to Temasek
Aug 9, 2013 - US green chemicals and fuels specialist Amyris Inc (NASDAQ:AMRS) has agreed to issue up to USD 60 million (EUR 45m) in convertible notes to one of its largest investors -- Singaporean investment fund Temasek Holdings Pte.
In a statement on Thursday the company said that through the transaction it aims to improve its financial flexibility as it is expanding renewable hydrocarbons production and commercial sales.
Temasek, through its investment arm Maxwell (Mauritius), will buy USD 35 million in notes as soon as Amyris’ shareholders greenlight the first-tranche deal at a stockholder meeting scheduled for September. The up to USD-25-million second tranche can be issued at Amyris’ option within 24 months of the convertible note agreement's signing.
Total Energies Nouvelles Activites USA, which is an indirect subsidiary of French oil and gas group Total (EPA:FP), will also participate in the convertible notes issue. In the first tranche it will purchase around USD 7.6 million and add USD 5.4 million in the second tranche.
In a SEC filing Amyris explained that all notes will have a term of 60 months. The first-tranche notes will be convertible into shares at USD 2.44 apiece, a discount of 15% to the weighted-average closing price of the issuer’ stock on the NASDAQ for the 60 days to 7 August. The conversion price of the second-tranche notes will be USD 2.87, no discount.