Amyris Meets Funding Milestones and Announces $28 Million Private Placement with Participation from New and Existing Investors

Comments Off | 12-25-2013

First Purpose-Built Industrial-Scale Plant Completes First Year of Successful Operation in Brazil

Amyris announced today an agreement to sell senior convertible promissory notes in a private placement for $28 million in cash proceeds.

Under the terms of the agreement, one of Amyris’s largest stockholders, Temasek, in conjunction with new investors affiliated with Wolverine Asset Management, agreed to purchase an aggregate $28 million of the notes. Temasek’s participation will complete its commitment to purchase notes under the Company’s previously announced two-stage convertible note placement. In addition, Total, Amyris’s largest stockholder, agreed to cancel approximately an additional $6.1 million of outstanding convertible promissory notes to take its pro rata portion of the financing. Amyris expects the closing of this placement to occur on or about January 15, 2014.

“This financing will provide Amyris with funding to help achieve our business plan for 2014 where, based on achievement of our sales and collaboration revenue targets, we would reach positive cash flow from operations during the year. The funding will also support our plans for a significant increase in renewable product sales and continued delivery of our partner collaboration activities,” said John Melo, Amyris President & CEO.

“Our existing and new investors continue to support our growth strategy. We have completed one year of successful operations at our first purpose-built, industrial-scale bio-refinery at Brotas, Brazil,” concluded Melo.

Lazard Capital Markets LLC acted as placement agent.

INVESTMENT TERMS

As the Company announced earlier this year, Amyris secured stockholder approval in September to offer up to $110 million in senior convertible promissory notes in two tranches. The initial tranche closed on October 16, 2013 and included Temasek, Total and affiliates of Fidelity as the investors, with a total issuance of approximately $51.8 million of first tranche notes, including approximately $9.7 million in notes issued to Total in exchange for cancellation by Total of the same amount of previously outstanding notes held by Total.

Following successful completion of certain milestones, Amyris elected to call $25 million in previously committed funding from Temasek in conjunction with the $3 million sale to new investors. The closing conditions Amyris met to access this second tranche included specified production metrics associated with Amyris’s production facility located in Brotas, Brazil, and completion of agreements related to Amyris’s fuels joint venture with Total.

Contact information

Name: Amyris Public Relations
Division: Amyris, Inc
Telephone: +1 (510) 597-5577
Fax: +1 (510) 225-2645
Email: info@amyris.com

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