Verenium buys all $13 million of 8% notes, $8 million 5.5% notes

By Devika Patel

Knoxville, Tenn., Sept. 23 - Verenium Corp. announced it has repurchased all $13 million of its 8% notes and $8 million of its 5.5% notes for $20.6 million.

Following this, none of the 8% notes and $74.7 million of the company's 5.5% and 9% notes remain outstanding.

"We are very pleased to have completed this transaction and believe this is an important step in continuing to create a capital structure that is appropriate to support the continued growth and success of the company," executive vice president and chief financial officer James Levine said in a press release.

"Importantly, by eliminating the 8% notes, we create additional flexibility to pursue other potential strategies that may have previously been restricted."

Based in San Diego, Verenium is a developer of specialty enzymes used in alternative fuel, industrial, health and nutrition processes.

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