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Solazyme, Inc. (NASDAQ: SZYM) announced 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.
*** The amount is larger than its original offering of $100 million.
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, 2013.
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