Verenium announces debt repurchase

US-based enzyme developer Verenium has repurchased approximately $5.2 million (€3.6 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,' says Jeffrey Black, senior vice president and CFO 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, Verenium paid a total of $7.7 million in cash to a single institutional investor, excluding accrued interest, as of the closing date.

Source: Verenium Corporation