SAN DIEGO, July 28, 2011 /PRNewswire/ -- Verenium Corporation (NASDAQ: VRNM), a pioneer in the development and commercialization of high-performance industrial enzyme solutions, today announced that it repurchased approximately $5.2 million in principal amount of its 5.5% Notes and approximately $3 million in principal amount of 9% Notes.
"We are very pleased to have taken another important step toward creating a capital structure that is appropriate to support the continued growth and success of the Company," said Jeffrey Black, Senior Vice President and Chief Financial Officer at Verenium.
In total, the Company repurchased approximately $8.2 million in principal amount of its 5.5% and 9% Notes, leaving an aggregate of $36 million in principal amount of 5.5% and 9% Notes outstanding. To effect this repurchase, the Company paid a total of $7.7 million in cash to a single institutional investor, excluding accrued interest, as of the closing date.
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 lines of business, operations, capabilities, commercialization activities, corporate partnerships, target markets and future financial performance, results and objectives, all of which are prospective. Such statements are only predictions, and actua
|SOURCE Verenium Corporation|
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