BioAmber Secures Funding for its Bio-based Succinic Acid Plant in Canada

Minneapolis, MN, -- BioAmber Inc. (NYSE: BIOA) an industrial biotechnology company producing sustainable chemicals,  announced that its Canadian subsidiary BioAmber Sarnia Inc., a joint venture with Mitsui & Co., has secured a CAD$20 million commercial loan from a financial consortium led by Export Development Canada and including Farm Credit Canada and Comerica Bank.

The CAD$20 million senior secured loan will bear interest at an initial rate of 8%, tied to an agreed—on floating rate calculation from disbursement. The loan’s principal will be reimbursed over a period of six and a half years, commencing three INSERT INTO [lzx].[dbo].[tb_new]([id],[type],[title],[source],[personal],[image],[contents],[time],[number]) VALUES (3) months after the completion of the commissioning and start—up phase of the Sarnia plant.

The drawdown on the loan is subject to customary conditions, including continued progress on the construction of the Sarnia plant. The CAD$20 million will be used to complete the ongoing construction of the Sarnia plant and fund its start up and commissioning.

When completed in early 2015, the Sarnia plant will be the world’s largest bio-based succinic acid production facility. The plant will convert Canadian agricultural products into bio—based succinic acid, a value added building block chemical that is used in a wide variety of everyday products. BioAmber projects that over 90% of the 30,000 MT annual capacity will be exported.

About BioAmber

BioAmber (NYSE:BIOA) is an industrial biotechnology company producing sustainable chemicals. Its proprietary technology platform combines industrial biotechnology and chemical catalysts to convert renewable feedstock into sustainable chemicals for use in a wide variety of everyday products including plastics, resins, food additives and personal care products.

About Export Development Canada

EDC is Canada’s trade finance agency, providing financing and insurance solutions locally and around the world to help Canadian companies of any size respond to international business opportunities. As a profitable Crown corporation that operates on commercial principles, EDC works together with private and public—sector financial institutions to create greater capacity for Canadian companies to engage in trade and investment.

About Farm Credit Canada

FCC is Canada’s leading agriculture lender, with a healthy portfolio of more than $26 billion and 20 consecutive years of portfolio growth. FCC is strong and stable ? committed to serving the industry through all cycles, and to being socially and environmentally responsible. FCC provides financing, insurance, software, learning programs and other business services to produc