Amyris to swap 3% convertibles due 2017 for 9.5% convertibles due 2019

By Wendy Van Sickle

Columbus, Ohio, Dec. 29 – Amyris Inc. entered into an agreement on Wednesday with holders of its outstanding 3% senior unsecured convertible notes due March 2017 to exchange the notes for its 9.5% convertibles due April 2019, according to an 8-K filing with the Securities and Exchange Commission.

The agreement with affiliates of Fidelity Management and Research Co. calls for $15.3 million of 3% convertibles to be exchanged in a private placement.

The notes will be exchanged at a ratio of about 1:1.25, meaning for each $1.00 of 3% convertibles exchanged, holders will receive about $1.25 of 9.5% convertibles, for a total of about $19.1 million of 9.5% convertibles.

Additionally, the company said in a press release that $28.6 million of senior secured debt held by Stegodon Corp., which is due February 2017, will be extended to October 2018.

“We promised earlier in the year that we would work hard to restructure near term debt maturities in Q4 while improving our balance sheet, and this transaction is another example of our execution,” John Melo, Amyris’ president and chief executive officer, said in the release.

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

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