Verenium exchanges $28.5 million of 5.5% convertibles for new notes

By Devika Patel

Knoxville, Tenn., Aug. 28 - Verenium Corp. said the holders of its 5.5% convertible senior notes due 2027 have agreed to exchange about $28.5 million of the notes for roughly $12.8 million of new 9% convertible senior secured notes due 2027.

The new notes have an exchange ratio of 45%, meaning that for each $1,000 of original notes exchanged, the holder will receive $450 of new notes.

The new notes are convertible into common stock at a conversion price of $0.80 per share. Interest is payable in cash or shares at the company's discretion.

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

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