Solazyme, Inc. Announces Proposed Offering of $100 Million of Convertible
Senior Subordinated Notes
SOUTH SAN FRANCISCO, Calif. -- January 16, 2013
Solazyme,Inc. (NASDAQ: SZYM) announced today that it intends to offer,
subject to market and other considerations, $100 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 intends to grant to the initial
purchaser of the Convertible Notes a 30-day option to purchase up to an
additional $15 million aggregate principal amount of the Convertible Notes
solely to cover over-allotments. 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 be general unsecured obligations of Solazyme and
will be subordinated in right of payment to its Senior Debt (as defined in the
indenture governing the Convertible Notes). The Convertible Notes will
effectively rank junior in right of payment to any of Solazyme’s secured
indebtedness to the extent of the value of the assets securing such
indebtedness and be structurally junior to all indebtedness and other
liabilities of Solazyme’s subsidiaries, including trade payables.
The Notes will be convertible into shares of the Company’s common stock, par
value $0.001 per share, at the then-applicable conversion rate until the close
of business on the scheduled trading day immediately preceding maturity. The
Notes will not be redeemable at the Company’s option prior to maturity. The
interest rate, conversion rate and other terms of the Convertible Notes will
be determined at the time of pricing of the offering.
The offering is being made to qualified institutional buyers pursuant to
Rule144A 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
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 whether Solazyme will offer or consummate the
offering of the Convertible Notes, including whether Solazyme will be able to
satisfy the conditions required to close any sale of the Convertible Notes,
market and other general economic conditions, the actual or anticipated terms
of the Convertible Notes and the anticipated use of the net proceeds from any
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 forward-looking statements.
Brainerd Communicators, Inc.
Jeff Majtyka, 212-986-6667
Mike Smargiassi, 212-986-6667
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