Solazyme, Inc. Prices Offering of $115 Million of 6.00% Convertible Senior
SOUTH SAN FRANCISCO, Calif. -- January 18, 2013
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
January24, 2013, subject to customary closing conditions.
Solazyme expects that the net proceeds from this offering will be
approximately $109.8million, 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.
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 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 forward-looking statements.
Brainerd Communicators, Inc.
Jeff Majtyka, 212-986-6667
Mike Smargiassi, 212-986-6667
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