SAN DIEGO, Sept. 27, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company developing and commercializing high-performance enzymes, today announced that it retired its remaining secured 9% Notes through repurchase, leaving an aggregate of $34.9 million in principal amount of unsecured 5.5% Notes outstanding.
To effect this repurchase of approximately $1.1 million in principal amount of its 9% Notes, the Company paid a total of $1.2 million in cash to a single institutional investor, excluding accrued interest, as of the closing date.
"We are pleased that we were able to retire the remainder of our 9% secured convertible Notes under favorable terms," said Jeffrey Black, Senior Vice President and Chief Financial Officer at Verenium. "As stated previously, we will continue to address our remaining debt to further strengthen the capital structure and promote future growth."
About VereniumVerenium, 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.
Forward-Looking StatementsStatements 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 actual events or results may differ materially from those pr
|SOURCE Verenium Corporation|
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