Bioplastics maker Danimer Scientific announces $130-million term loan

In Georgia, Danimer Scientific, Inc. has closed a new $130-million senior secured term loan that “significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility.”

Arranged by Jefferies, the loan bears an annual rate of 14.4%. After customary fees and expenses, net proceeds to Danimer were $98.6 million,  of which $12.5 million will be held in a restricted reserve account for future interest payments. The result is a net increase of $86.1 million of liquidity to Danimer to support general corporate purposes.

The company, which produces polyhydroxyalkanoates bioplastics, is currently building a greenfield production facility at Bainbridge, Georgia.