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Solazyme, Inc. Prices Offering Of $130,000,000 Of 5.00% Convertible Senior Subordinated Notes Due 2019 And 5,000,000 Shares Of Common Stock

Stocks in this article: SZYM

Solazyme, Inc. (NASDAQ:SZYM) (the “Company”) today announced the pricing of $130.0 million aggregate principal amount of its 5.00% Convertible Senior Subordinated Notes due 2019 (the “Notes”) and 5.0 million shares of its common stock, par value $0.001 per share (the “Common Stock”), at a price of $11.00 per share in separate underwritten registered public offerings. The Company has granted the underwriter of the offering of the Notes (the “Notes Offering”) a 30-day option to purchase up to an additional $19.5 million aggregate principal amount of Notes solely to cover over-allotments, if any, and has granted the underwriters of the offering of Common Stock (the “Common Stock Offering”) a 30-day option to purchase up to an additional 750,000 shares of Common Stock. The Notes Offering and the Common Stock Offering are referred to in this release collectively as the “Offerings.” The Offerings are expected to close on April 1, 2014, subject to market and other conditions, and neither Offering is contingent on the completion of the other Offering. The Notes Offering was increased from the $100.0 million aggregate principal amount previously announced.

The Notes will mature on October 1, 2019, unless repurchased or converted in accordance with their terms prior to such date, and will bear interest at a rate of 5.00% per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2014. The Company may not redeem the Notes prior to maturity. The Notes will be convertible into shares of Common Stock at an initial conversion rate of 75.7576 shares of Common Stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of $13.20 per share of Common Stock. With respect to certain conversions occurring prior to January 1, 2018, in addition to the shares deliverable upon conversion, holders will be entitled to receive an early conversion payment equal to $83.33 per $1,000 principal amount of Notes surrendered for conversion, which amount may be settled, at the Company’s election, in cash or in shares of Common Stock.

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