Amyris agrees to restructure jet fuel joint venture with Total

Amyris, Inc., based in Emeryville, Calif., U.S.A., said it has agreed to restructure its jet fuel joint venture with Total Energies Nouvelles Activités USA, a wholly owned subsidiary of Total S.A., to pave the way for proceeding with the commercialization of its jet fuel technology. Following the restructuring, Total would own 75% of the joint venture with Amyris.

In conjunction with this transaction, Amyris has also agreed on key business terms with Total and Singapore’s Temasek Holdings, another major stockholder of Amyris. As part of a plan to strengthen the balance sheet, these stockholders would exchange an aggregate of USD 138 million of convertible debt for Amyris common stock at a price of USD 2.30 per share. An additional USD 37 million of outstanding convertible debt will be restructured to eliminate Amyris’ repayment obligation at maturity and provide for mandatory conversion to Amyris common stock.

The terms of the restructuring include provisions related to the note conversions for these participating stockholders. The closing of the exchange transactions would be subject to customary closing conditions and are subject to the execution of definitive agreements between Amyris, Total and Temasek.