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NEWS
Danimer Scientific Takes Action to Strengthen Capital Structure
Tuesday, 17th December at 4:15 pm
Announces Issuance of $11,250,000 Super Senior Secured Promissory Note
Danimer Scientific, Inc. (NYSE: DNMR) ("Danimer" or the "Company"), a leading next generation bioplastics company focused on the development and production of biodegradable materials, today announced that the Company issued a super senior secured promissory note (the "Secured Loan") in an aggregate principal amount of $11,250,000 to certain lenders under its existing term loan financing agreement, as well as certain additional lenders. The Secured Loan provides for $11,250,000 gross proceeds, less fees and expenses. The Secured Loan has a two-year maturity and accrues interest at 15.0% per annum, which interest is payable in kind.
The Secured Loan provides liquidity and strengthens the Company's balance sheet as it remains focused on providing its customers with its innovative polyhydroxyalkanoate (PHA) and polylactic acid (PLA) products, which are used in the creation of biodegradable plastics alternatives.
"Our world-class science and cutting-edge innovations in bioplastics have positioned us at the forefront creating sustainable and biodegradable plastic alternatives. We continue to work with our customers to launch the recently reported significant cutlery award that is progressing well, and we anticipate reaching the full annual run rate in mid-2025. Consistent with our end customer's ramp plan, we have received orders for over 365,000 pounds of cutlery resin and film resin to date," said Richard N. Altice, Interim Chief Executive Officer of Danimer. "We look forward to working with our lenders and other stakeholders and staying focused on ramping up our production and combatting non-degradable plastics waste."
Tuesday, 17th December at 4:15 pm
Announces Issuance of $11,250,000 Super Senior Secured Promissory Note
Danimer Scientific, Inc. (NYSE: DNMR) ("Danimer" or the "Company"), a leading next generation bioplastics company focused on the development and production of biodegradable materials, today announced that the Company issued a super senior secured promissory note (the "Secured Loan") in an aggregate principal amount of $11,250,000 to certain lenders under its existing term loan financing agreement, as well as certain additional lenders. The Secured Loan provides for $11,250,000 gross proceeds, less fees and expenses. The Secured Loan has a two-year maturity and accrues interest at 15.0% per annum, which interest is payable in kind.
The Secured Loan provides liquidity and strengthens the Company's balance sheet as it remains focused on providing its customers with its innovative polyhydroxyalkanoate (PHA) and polylactic acid (PLA) products, which are used in the creation of biodegradable plastics alternatives.
"Our world-class science and cutting-edge innovations in bioplastics have positioned us at the forefront creating sustainable and biodegradable plastic alternatives. We continue to work with our customers to launch the recently reported significant cutlery award that is progressing well, and we anticipate reaching the full annual run rate in mid-2025. Consistent with our end customer's ramp plan, we have received orders for over 365,000 pounds of cutlery resin and film resin to date," said Richard N. Altice, Interim Chief Executive Officer of Danimer. "We look forward to working with our lenders and other stakeholders and staying focused on ramping up our production and combatting non-degradable plastics waste."
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