Verenium Considering Buyout Offer as Option to Refinance Debt
Verenium Corp. (VRNM), a maker of enzymes used for making biofuels, said it’s considering a buyout offer from more than one company as part of its effort to refinance its debt.
The San Diego based company informed holders of $34.9 million in convertible bonds that it will repurchase the notes on April 2 if it has sufficient cash to complete the transaction, according to a statement on PR Newswire today.
Verenium also is considering issuing securities to raise the cash necessary for paying the bondholders. It didn’t name the bidders offering the buy the company or say what the terms of the purchase would be, noting instead that there’s no assurance a definitive agreement will be struck.
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