Amyris Hits Milestone, Raises Money from Temasek

On December 24th, Emeryville-based Amyris Inc., a renewable products company, announced an agreement to sell senior convertible promissory notes in a private placement to Singapore’s sovereign wealth fund Temasek Holdings for US$ 25 million. The chemical and fuels company also sold an additional US$ 3 million to investors associated with Wolverine Asset Management (WAM), an alternative asset management firm that specializes in convertible arbitrage. WAM is headquartered in Chicago, Illinois.

The closing of the placement, which is expected around January 15 of 2014, is the second in a two round convertible note placement. Amyris announced in September that stockholders approved an offer up to US$ 110 million in senior convertible notes in two tranches, according to a press release issued by Amyris. The first closed on October 16. Temasek was part of a group of investors included in US$ 51.8 million issuance.

The latest issuance arose after Amyris completed “certain milestones” relating to “production metrics associate with Amyris’ production facility located in Brotas, Brazil, and completion of agreements related to Amyris’s fuels joint venture with Total,” Amyris said in a statement.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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