SOUTH SAN FRANCISCO, Calif. -- (Business Wire)
Solazyme, Inc. (NASDAQ: SZYM) announced today the pricing of its
offering of $115 million aggregate principal amount of Convertible
Senior Subordinated Notes due 2018 (the “Convertible Notes”) in a
private placement under the Securities Act of 1933, as amended (the
“Securities Act”). Solazyme also granted the initial purchaser a 30-day
option to purchase up to an additional $10 million aggregate principal
amount of Convertible Notes solely to cover over-allotments. The sale of
the Convertible Notes is expected to close on January 24, 2013, subject
to customary closing conditions.
Solazyme expects that the net proceeds from this offering will be
approximately $109.8 million, after deducting discounts to the initial
purchaser and estimated offering expenses payable by Solazyme. Solazyme
intends to use the net proceeds of the offering to fund project related
costs and capital expenditures and for general corporate purposes.
The Convertible Notes will bear interest at a fixed rate of 6.00% per
year, payable semiannually in arrears on August 1 and February 1 of each
year, beginning on August 1, 2013. The Convertible Notes will mature on
February 1, 2018, unless earlier repurchased or converted. Solazyme may
not redeem the Convertible Notes prior to maturity. The initial
conversion price will be approximately $8.26 per share of common stock
and, under certain circumstances, Convertible Note holders will be
entitled to additional payments upon conversion. The Convertible Notes
are described in more detail in the Company's Form 8-K filed January 18,
The offering is being made to qualified institutional buyers pursuant to
Rule 144A under the Securities Act. Neither the Convertible Notes nor
the shares of Solazyme’s common stock issuable upon conversion of the
Convertible Notes have been or are expected to be registered under the
Securities Act or under any state securities laws and, unless so
registered, may not be offered or sold in the United States or to U.S.
persons except pursuant to an exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act and
applicable state securities laws. This press release does not constitute
an offer to sell or the solicitation of an offer to buy any securities,
nor shall it constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale is unlawful.
About Solazyme, Inc.
Solazyme, Inc. (SZYM) is a renewable oil and bioproducts company that
transforms a range of low-cost plant-based sugars into high-value oils.
Headquartered in South San Francisco, Solazyme’s renewable products can
replace or enhance oils derived from the world’s three existing sources
– petroleum, plants and animal fats. Initially, Solazyme is focused on
commercializing its products into three target markets: (1) fuels and
chemicals, (2) nutrition and (3) skin and personal care.
Solazyme®, the Solazyme logo and other
trademarks or service names are trademarks of Solazyme, Inc.
Forward Looking Statements
This press release includes forward-looking statements regarding
Solazyme’s financing plans, including statements related to Solazyme’s
offering of the Convertible Notes and intended use of net proceeds of
the offering. Such statements are subject to certain risks and
uncertainties including, without limitation, risks related to market and
other general economic conditions, whether Solazyme will be able to
satisfy the conditions required to close the sale of the Convertible
Notes and the anticipated use of the net proceeds from the sale of the
Convertible Notes. Solazyme’s forward-looking statements also involve
assumptions that, if they never materialize or prove correct, could
cause its results to differ materially from those expressed or implied
by such forward-looking statements. Although Solazyme’s forward-looking
statements reflect the good faith judgment of its management, these
statements are based only on facts and factors currently known by
Solazyme. As a result, you are cautioned not to rely on these
Jeff Majtyka, 212-986-6667
Source: Solazyme, Inc.
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