In Georgia, bioplastic maker Danimer Scientific has issued a super senior secured promissory note 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, and has a two-year maturity accruing interest at 15.0% per annum.
The funds provide liquidity and “strengthens [Danimer’s] balance sheet” as it remains focused on providing its customers with polyhydroxyalkanoate and polylactic acid products.
“Our world-class science and cutting-edge innovations in bioplastics have positioned us at the forefront creating sustainable and biodegradable plastic alternatives,” said Richard N. Altice, Interim CEO of Danimer. “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. 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.”