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Verenium repurchases remaining 9% secured convertible notes
By Tali David
Minneapolis, Sept. 27 - Verenium Corp. announced that it retired its remaining 9% convertible secured notes through repurchase.
Following the buyback, the company has $34.9 million principal amount of 5.5% unsecured notes outstanding.
To repurchase the $1.1 million in principal amount of 9% notes, Verenium paid $1.2 million to a single institutional investor, excluding accrued interest, as of the closing date.
"We are pleased that we were able to retire the remainder of our 9% secured convertible notes under favorable terms," said Jeffrey Black, Verenium's senior vice president and chief financial officer.
Verenium is a San Diego-based industrial biotechnology company.
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