Solazyme to price $100 million of five-year convertible bonds

By Rebecca Melvin

New York, March 25 - Solazyme Inc. planned to price $100 million of five-year convertible senior subordinated notes in a registered offering coming concurrently with an offering of 5 million shares of common stock, according to a news release.

Price talk and timing of the convertible deal wasn't immediately available, a syndicate source said.

The convertibles have a $15 million greenshoe and were being sold via bookrunner Goldman Sachs & Co.

The share offering has a 750,000-share over-allotment option.

The convertibles are non-callable with no investor puts.

Proceeds will be used to fund capital expenditures, working capital and general corporate purposes.

San Francisco-based Solazyme uses plant-based sugars to produce oils for use in the chemicals and fuels industries, as well as for the nutrition, skin and personal care markets.

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