Amyris raises $200M from private placement

June 7, 2020 |

In California, Amyris, Inc., executed a binding funding agreement with leading institutional investors to raise $200 million at $3.00 per common share through a private investment in public equity in the Company and expects to use the proceeds from the offering for general corporate purposes and to repay certain outstanding indebtedness by approximately $61 million to lower total debt to about $162 million.

The offering includes 49% of common stock and 51% of preferred stock, convertible into common stock following stockholder approval. The private investment is subject to customary closing conditions.

The investment is being made by a consortium of high quality institutional and accredited investors and mutual funds with expertise in health care, biotechnology or a consumer orientation consisting of approximately 70% new investors and 30% existing investors.

Following closing of the investment, the Company expects to use the proceeds from the offering for general corporate purposes and to repay certain outstanding indebtedness by approximately $61 million to lower total debt to about $162 million. Of this reduction, $24 million is from conversions to equity and, thus, not from using proceeds from the transaction. The reduced debt results in significantly lower future debt servicing expense.

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