Amyris convertibles holders convey wish to convert; leverage to fall

By Devika Patel

Knoxville, Tenn., April 9 – Amyris Inc. expects that convertible bond holders will convert their debt into equity in the next year, since holders have already indicated their desire to convert. The company expects its leverage ratio to fall to between 3x and 5x by June 2019.

“We expect a debt to EBITDA ratio of about 3x to 5x on a run rate basis by June of 2019,” president and chief executive officer John Melo said at the H.C. Wainwright Global Life Sciences Investment Conference in Monte Carlo, Monaco, on Monday.

“We’re actually ahead of plan on that.

“My expectations [are that] we’ll have a lot of debt retired through this year and that’s mainly because a big part of the debt we have, our convertible bonds where the bondholders would like to convert now to equity and are in discussions with us to be able to do that and then we expect to be net income positive in 2019,” he said.

Emeryville, Calif.-based Amyris is a maker of renewable chemicals and fuels.

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