Amyris Announces Agreements For Up to $95 Million In Equity Financing And In-Process Initiative To Significantly Reduce Debt
08 Maggio 2017 - 02:30PM
Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company,
today announced a series of agreements for up to $95 million in
equity financing via a registered direct offering of convertible
preferred stock, and private placements of convertible preferred
stock and warrants, and noted that the company is in the process of
reducing its debt by approximately $75 million. The equity
financing commitment includes participation by Koninklijke DSM N.V.
(Royal DSM)(AEX:DSM.AS), the global science-based company active in
health, nutrition and materials, as well as participation by
qualified institutional buyers and accredited investors, including
some which have previously engaged in equity and/or debt
investments in Amyris.
Equity Financing Led by DSM
The financing was led by DSM. As also announced today, DSM
has agreed to an initial equity investment in Amyris of $25 million
as part of the financing referred to above. Subject to the
satisfaction of certain conditions, DSM may invest an additional
$25 million in Amyris. The first tranche is expected to close on
Thursday, May 11, 2017 with the second tranche (if completed)
expected to close within 90 days of the closing of the first
tranche. The remaining portion of the financing to be raised of $45
million consists of funding commitments provided by the investors
noted above.
Planned Debt Reduction
Amyris is in the process of reducing its debt by approximately
$75 million. Approximately $40 million of such amount is
being converted pursuant to the terms of the equity financing
referred to above and in addition, $15 million has already
converted into equity over recent weeks with the remainder to be
paid over the next 30 days.
“We are very pleased with the support of our existing
shareholders and we are excited to welcome DSM as one of our newest
investors and a key shareholder,” said John Melo, Amyris President
and CEO. “The combination of the new cash to support our strong
growth, the simplification of our debt structure and a new
long-term shareholder that is strongly aligned with our key growth
markets of Health and Nutrition provides us a significant leap
forward in our lead of the Industrial Biotechnology sector. We are
very pleased with our ability to deliver better products at a lower
cost while making our planet healthier and our customers’ products
and businesses more sustainable.”
The company plans to provide more details on the transactions
described above when it reports its first-quarter 2017 results on
Monday, May 15, 2017 after the close of market.
Rodman & Renshaw, a unit of H.C. Wainwright &
Co., acted as the exclusive placement agent for the registered
direct offering and the private placement, and as our advisor on
the debt conversion initiative.
Terms of the offering and private placement and related
agreements 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 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 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.
Amyris Forward-Looking StatementsThis 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 closing of the first tranche of the
financing referenced above, including the timing thereof, the
expected closing of a second tranche of financing, including the
timing thereof, the anticipated closing of the remaining portion of
the financing, expected debt reduction, including the timing and
form thereof, and the anticipated effects of the transactions
discussed above) 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 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 annual report on
Form 10-K filed on April 17, 2017. 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 registered
trademarks of Amyris, Inc. All other trademarks are trademarks of
their respective owners.
Contact:
Peter DeNardo
Director, Investor Relations and Corporate Communications
Amyris, Inc.
+1 (510) 740-7481
investor@amyris.com
pr@amyris.com