Amyris Inc (AMRSQ)

[finesand]

Temasek selling again + Risky 10% Secured Loan

Temasek selling again doesn't need any further explanation.

The new loan via GPC(?) by FBR (investor already) is SECURED by roughly 65% of the company - a high seniority title.
Therefor FBR hedges their investment in case 'things won't go along'.
The loan itself repays some unsecured debts, which would have been convertible! It is questionable whether this debt to debt transaction is favorable to company, removing the equity swap option completely!
If covenants are not met, maturity is reduced from 2021 down to 2019. And company surely won't be able to pay back the loan next year.

The obligations under the Loan Facilities are (i) guaranteed by the Subsidiary Guarantors and (ii) secured by a perfected first-priority security interest in substantially all of the assets of the Company and the Subsidiary Guarantors, including intellectual property, inventory, accounts receivable, other tangible and intangible assets, equity interests in the Company’s and the Subsidiary Guarantors’ domestic subsidiaries and 65% of the equity interests in the Company’s and the Subsidiary Guarantors’ foreign subsidiaries, in each case subject to certain limitations and exceptions.