By Rebecca Melvin
New York, May 23 - Amyris Inc. priced $75 million of five-year convertible senior notes on Thursday at par to yield 6.5% with an initial conversion premium of 24%, according to a syndicate source.
Pricing of the Rule 144A offering came at the cheap end of 6% to 6.5% coupon talk and toward the rich end of 20% to 25% premium talk.
Morgan Stanley & Co. LLC was bookrunning manager for the offering, for which there is a $15 million greenshoe.
The notes, which mature May 15, 2019, will be physically settled. They may be converted after May 15, 2015 if shares remain above the conversion price for 20 out of 30 days, and in which case holders will receive a cash payment equal to the present value of up to three years of remaining coupons.
Proceeds are earmarked for general corporate purposes, including potential collaboration opportunities and other strategic transactions or acquisitions. In addition, Total Energies Nouvelle Activities USA may exchange up to about $9.7 million of outstanding convertible promissory notes currently held by Total for new securities issued by Amyris.
Emeryville, Calif.-based Amyris is a maker of renewable chemicals and fuels.
| Issuer: | Amyris Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $75 million
|
| Greenshoe: | $15 million
|
| Maturity: | May 15, 2019
|
| Bookrunner: | Morgan Stanley & Co. LLC
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion premium: | 24%
|
| Conversion price: | $3.74
|
| Conversion ratio: | 267.0370
|
| Call protection: | Non-callable
|
| Early conversion: | Yes, holders will receive cash make-whole for up to three years of coupons after May 15, 2015, if shares remain above conversion price for 20 out of 30 days
|
| Takeover protection: | Yes
|
| Net share settlement: | No
|
| Price talk: | 6%-6.5%, up 20%-25%
|
| Pricing date: | May 22
|
| Settlement date: | May 29
|
| Distribution: | Rule 144A
|
| Stock symbol: | Nasdaq: AMRS
|
| Stock reference price: | $3.02
|
| Market capitalization: | $239.1 million
|
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