Verenium Announces Full Retirement of $35 Million in Debt -- Company repurchases outstanding notes, simplifies capital structure --
SAN DIEGO, April 2, 2012 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced the repurchase of all its outstanding 5.5% Convertible Senior Notes due 2027 (the "Notes"). The tender offer period for the put option on the Notes expired on March 30, 2012. All noteholders validly tendered their Notes, and the Company today repurchased the remaining $34.9 million in principal amount outstanding.
To effect this repurchase, the Company paid a total of $35.8 million in cash to its noteholders, including accrued and unpaid interest.
"This is an important milestone for Verenium," said Jeff Black, Chief Financial Officer at Verenium. "By eliminating the debt overhang on the Company, we now have a more flexible capital structure that will allow us to invest in areas critical to grow our business and create future shareholder value."
Verenium, an industrial biotechnology company, is a global leader in developing high-performance enzymes. Verenium's tailored enzymes are environmentally friendly, making products and processes greener and more cost-effective for industries, including the global food and fuel markets. Read more at www.verenium.com.
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include, but are not limited to, statements related to Verenium's technology, products and product candidates, lines of business, operations, capabilities, commercialization activities, corporate partnerships, target markets, future financial performance, and near-term and longer-term growth and prospects. Such statements are only predictions, and actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to the differences include, but are not limited to, risks associated with Verenium's strategic focus, technologies, products and product candidates, dependence on patents and proprietary rights, protection and enforcement of its patents and proprietary rights, the commercial prospects of the industries in which Verenium operates and sells products, Verenium's dependence on manufacturing and/or license agreements, its ability to achieve milestones under existing and future collaboration agreements, the ability of Verenium and its partners to commercialize its technologies and products (including by obtaining any required regulatory approvals) using Verenium's technologies, the timing for launching any commercial products and projects, the ability of Verenium and its collaborators to market and sell any products that it or they commercialize, the development or availability of competitive products or technologies, the future ability of Verenium to enter into and/or maintain collaboration and joint venture agreements and licenses, and risks and other uncertainties more fully described in Verenium's filings with the Securities and Exchange Commission, including, but not limited to, Verenium's annual report on Form 10-K for the year ended December 31, 2011. These forward-looking statements speak only as of the date hereof, and Verenium expressly disclaims any intent or obligation to update these forward-looking statements.
SOURCE Verenium Corporation