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Gevo to raise capital via sale of shares & senior notes
11
Dec '13
Gevo, Inc., a leading renewable chemicals and next-generation biofuels company, announced that it intends to offer and sell, subject to market and other conditions, common stock units and senior note units.

Each common stock unit will consist of one share of common stock and a warrant to purchase a certain number of shares of common stock, and each senior note unit will consist of $1,000 principal amount of convertible senior notes due 2023 and warrants to purchase a certain number of shares of common stock. The units are to be sold by Gevo subject to market and other conditions in concurrent underwritten public offerings.

Neither the completion of the common stock unit offering nor the senior note unit offering will be contingent on the completion of the other.

Gevo currently intends to use the net proceeds from the offerings, excluding any future proceeds from the exercise of the warrants, to ramp up startup production and sales at its Luverne, Minn. plant.

Gevo also intends to use a portion of the net proceeds from the senior note unit offering to repay $5.1 million in its outstanding long-term debt obligations under its loan agreement, and may also use a portion of the net proceeds from the offerings to fund working capital and for other general corporate purposes, which may include paying down additional long-term debt obligations.

About Gevo

Gevo is a leading renewable chemicals and next-generation biofuels company. Gevo's patent-protected, capital-light business model converts existing ethanol plants into bio-refineries to make isobutanol. This versatile chemical can be directly integrated into existing chemical and fuel products to deliver environmental and economic benefits.

Gevo

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