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Solazyme, Inc. Message Board

  • kqforever kqforever Jan 18, 2013 9:13 AM Flag

    early redeption? 2016?

    The Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the scheduled trading day immediately preceding February 1, 2018 into shares of Solazyme's common stock at the then-applicable conversion rate. The conversion rate will initially be 121.1240 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $8.26 per share of common stock). The conversion rate and the corresponding conversion price will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. With respect to any conversion prior to November 1, 2016 (other than conversions in connection with certain fundamental changes where Solazyme may be required to increase the conversion rate as described below), 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 Convertible Notes surrendered for conversion that may be settled, at Solazyme's election, in cash or, subject to satisfaction of certain conditions, in shares of Solazyme's common stock.

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