Date: April 11, 2011
Source: KiOR, Inc.
Biofuel company KiOR Inc. (Pasadena, TX) plans to sell up to an estimated $100 million of common stock in an initial public offering, to help fund a biomass-to-oil production facility. KiOR converts biomass into hydrocarbon-based oil, which it processes into gasoline and diesel blendstocks that can fuel existing vehicles at competitive prices. In February the company received a loan guarantee term sheet for a $1 billion biofuel project from the US Department of Energy (DOE). The project will include four biorefineries that are expected to convert wood biomass into some 250 million gallons of cellulosic biofuels including gasoline and diesel. Last year KiOR began construction of its first commercial plant expected to produce 11 million gallons a year in Columbus, MS and has projects in development stages in several southern US states. KiOR plans to use the proceeds of the offering to finish construction of the Columbus, MS facility.
The offering is being made through Credit Suisse, UBS Investment Bank, Goldman, Sachs & Co., Piper Jaffray, Citi, and Deutsche Bank Securities. KiOR is backed by Silicon Valley venture firm Khosla Ventures which holds most of the company's common stock and will continue to do so even after the IPO.
See also: "KiOR Gets DOE Loan Guarantee Term Sheet for $1 Billion Waste-to-Biofuel Project," (www.wasteinfo.com/news/wbj20110208D.htm).
PRESS RELEASE
April 11, 2011
KiOR, Inc. Files Registration Statement for Proposed Initial Public Offering
KiOR, Inc. announced today that the company has filed a registration statement on Form S-1 with the Securities and Exchange Commission for a proposed initial public offering of shares of the company's Class A common stock. Credit Suisse Securities (USA) LLC, UBS Securities LLC and Goldman, Sachs & Co. will act as joint book-running managers for the offering, with Piper Jaffray & Co., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. acting as co-managers. The number of shares to be sold in the proposed offering and the offering price have not yet been determined.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
This offering is being made only by means of a prospectus. A copy of the prospectus relating to these securities may be obtained, when available, from:
Credit Suisse Securities (USA) LLC
One Madison Avenue
New York, New York 10010
United States
Prospectus Department
1-800-221-1037
UBS Securities LLC
Attention: Prospectus Department
299 Park Avenue
New York, NY 10171
1-888-827-7275
Goldman, Sachs & Co.
Prospectus Department
200 West Street
New York, NY 10282
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