Verenium to issue 9% convertibles in exchange for $1.99 million of 5.5% convertibles

By Angela McDaniels

Tacoma, Wash., Sept. 25 - Verenium Corp. said a bondholder agreed to exchange $1,986,000 principal amount of the company's 5.5% convertible senior notes due 2027 for $893,000 principal amount of 9% convertible senior secured notes due April 1, 2027.

The holder agreed to the exchange on Sept. 23, according to an 8-K filing with the Securities and Exchange Commission.

As previously reported, the company issued $12,816,450 of the 9% convertibles in exchange for $28,481,000 of the 5.5% convertibles under an agreement reached with some holders in late August.

The 9% notes have a conversion price of $0.80. They are callable beginning April 5, 2012 and putable beginning April 1, 2012.

Interest on the 9% convertibles is payable in cash or shares at the company's option.

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

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