Solazyme (SZYM)
Industrial biotechnology company using algae to produce oils for fuels, chemicals, nutritionals, & skin and personal care.
PF Cash $264m
PF Debt $116m
LTM EBITDA -73m
LTM FCF -70m
Yrs Cash 3.8 yrs
Mkt cap 443m
Start-up bioproducts co with line of skin care products on market (yts rev 12m). JVs with Bunge in Brazil, Roquette in Europe & ADM in US, all have capacity planned to come inline thru 1Q14. Remains to be seen how successful these will be. Just secured #120m proj finance for Brazil plant. Has onw prod fac in Peoria. Exploring many other prods incl replacement for cocoa butter. Converts are subordinated behind bank debt.
Our assigned spread L+850