Amyris, Total advance JV for jet fuel technology

Industrial biosciences company Amyris has agreed on key business terms with Total for restructuring its fuels joint venture, officials announced on Tuesday.

The new terms will allow Amyris to proceed with commercialization of its jet fuel technology over the coming years, the company said. 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 Temasek, another major stockholder of Amyris, under which, and as part of a plan to strengthen the balance sheet, these stockholders would exchange an aggregate of $138 million of convertible debt for Amyris common stock at a price of $2.30/share, with an additional $37 million of outstanding convertible debt being restructured to eliminate Amyris's 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, including to maintaining pro rata holdings. The closing of the exchange transactions would be subject to customary closing conditions, including any required board of directors or other internal approvals, and regulatory approvals or notices.

These joint venture and exchange transactions are subject to the execution of definitive agreements between Amyris and the parties.