Dyadic International, Inc., a global biotechnology company focused on the discovery, development, manufacture and sale of enzyme and protein products for the bioenergy, biochemical, biopharmaceutical and industrial enzyme industries, announced that it has entered into agreements with all of its outstanding promissory note holders to extend their maturity dates to January 1, 2015.
According to a release, the convertible portion of the debt, representing $6.8 million of the total $8.2 million outstanding principal, may be prepaid by Dyadic at any time in whole or in part, without penalty, after March 31, 2014 with 30 days notice. In all other respects, the terms and conditions of these promissory notes remain unchanged and in full force and effect.
Dyadic's President and Chief Executive Officer, Mark Emalfarb, stated, "The extension of our debt provides Dyadic with greater flexibility by allowing us the option to call the convertible debt early."
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