SAN DIEGO, Oct. 20, 2011 /PRNewswire/ -- Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company developing and commercializing high-performance enzymes, today announced that it has entered into an agreement with Comerica Bank and the Export-Import Bank of the United States ("Ex-Im Bank") for two 18-month, secured revolving credit facilities totaling up to $13 million.
These new credit facilities will allow the Company to borrow up to $10 million against its eligible foreign receivables, and up to $3 million against its eligible domestic receivables and inventory. Borrowings under the facilities will bear interest at the daily LIBOR plus 6%. The proceeds of these facilities will be used for general working capital purposes.
Separately, the Company has also put in place a facility for up to $3 million in secured equipment financing to help support the planned build-out of its research and bioprocess development laboratories and corporate headquarters in San Diego.
"We are very pleased with the flexibility these new facilities provide the Company, and that we have addressed a portion of our financing needs with non-dilutive sources of capital," said Jeffrey Black, Chief Financial Officer at Verenium. "These credit facilities allow us to utilize existing assets to support the general working capital needs of the Company, and will provide us with available borrowing capacity to support the anticipated growth of our sales. In addition, the structure of these facilities will enable us to leverage certain additional assets, including our intellectual property, for additional secured financing."
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-effecti
|SOURCE Verenium Corporation|
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