In California, Amyris, Inc. announced the offering, subject to market conditions, of $50 million of Convertible Senior Notes due 2019 (the “notes”), in a private placement to qualified institutional buyers and institutional accredited investors. Amyris expects to price the transaction and enter into note purchase agreements with purchasers of the notes on or before October 15, 2015.
The notes will be unsecured, senior obligations of Amyris, and interest will be payable semi-annually. The notes will mature on April 15, 2019, unless earlier converted or repurchased. Interest will be payable, at Amyris’s election, entirely in cash or entirely in shares of common stock (based on 92.5% of the simple average of the daily volume weighted average price for the common stock for the 10 trading days ending on and including the trading day immediately preceding the relevant interest payment date). The notes will be convertible at any time until the close of business on the scheduled trading day immediately preceding the maturity date.
Amyris expects to use the net proceeds from the offering of the notes for general corporate purposes, which may include the development of the Company’s sales and marketing infrastructure as well as other strategic transactions and acquisitions, and to repurchase certain of the Company’s 6.50% Convertible Senior Notes due 2019.