BioAmber Refinances $25 Million Loan
Dec 19, 2014
MINNEAPOLIS, MN, Dec. 19, 2014 /CNW Telbec/ - BioAmber Inc. (NYSE: BIOA), an industrial biotechnology company producing sustainable chemicals, today announced it has repaid the $25 million loan that it secured in June 2013 and secured a new debt facility with funds managed by Tennenbaum Capital Partners, LLC. The new $25 million term loan has a three-year maturity and an interest-only period that defers principal repayment until at least September 30, 2015. The Company has improved terms with Tennenbaum and the debt facility is expected to free up an additional $12 million of cash through to the end of 2015.
BioAmber (NYSE: BIOA) is an industrial biotechnology company producing sustainable chemicals. Its proprietary technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstock into sustainable chemicals for use in a wide variety of everyday products including plastics, resins, food additives and personal care products. For more information visit www.bio-amber.com
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners, LLC ("TCP") is a Los Angeles-based alternative investment management firm focused on performing and special situation credit for middle-market companies. TCP manages a publicly-traded business development company, TCP Capital Corp. (NASDAQ: TCPC), as well as other funds and accounts. Since its founding, TCP has invested more than $13.9 billion in over 350 companies. For more information, please visit: www.tennenbaumcapital.com and www.tcpcapital.com.
This press release contains forward-looking statements. All statements other than statements of historical fact in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond BioAmber's control. BioAmber's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC including, the "Risk Factors" section of BioAmber's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the Quarter ended September 30, 2014.
SOURCE BioAmber Inc.
For further information: BioAmber Investor Contact, Mike Hartmann, Executive Vice President, BioAmber Inc., (514) 844-8000 extension 120, email@example.com