Verenium repurchases $28.4 million in outstanding convertible notes

Verenium Corporation (Nasdaq: VRNM), a leading industrial biotechnology company focused on the development and commercialization of high-performance enzymes, today announced that it repurchased $28.4 million in principal amount of its outstanding convertible notes in a series of privately-negotiated transactions.

As part of these transactions, the Company repurchased $19.9 million in principal amount of its 5.5% Notes and $8.5 million in principal amount of its 9% Notes, leaving an aggregate of $46.3 million in principal amount of 5.5% and 9% Notes outstanding. To effect this repurchase, the Company paid a total of $27.6 million in cash to a group of institutional investors, excluding accrued interest as of the closing date.  The Company has repurchased $49.4 million in convertible notes since September 2010.

"We are very pleased to have completed these repurchases, and believe this is another important step in creating a capital structure that supports the continued growth and success of Verenium as we focus on building the next leading industrial enzymes company," said Jeffrey Black, Senior Vice President and Chief Financial Officer Designate at Verenium. "We believe that we have now reduced our debt to a more appropriate level for the Company given our size and stage of development."