Verenium Corporation VRNM 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.
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