{"id":510410,"date":"2021-07-07T10:03:27","date_gmt":"2021-07-07T14:03:27","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cadiz-completes-107-5m-refinancing-package\/"},"modified":"2021-07-07T10:03:27","modified_gmt":"2021-07-07T14:03:27","slug":"cadiz-completes-107-5m-refinancing-package","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cadiz-completes-107-5m-refinancing-package\/","title":{"rendered":"Cadiz Completes $107.5M Refinancing Package"},"content":{"rendered":"
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New Credit Facility and Preferred Stock Replace Existing Debt and Provide Working Capital for ongoing Asset Development.<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n LOS ANGELES<\/span>, July 7, 2021<\/span> \/PRNewswire\/ —\u00a0 Today, Cadiz Inc.\u00a0(“the Company,” NASDAQ: CDZI) is pleased to announce the closing of a new, long-term $50 million<\/span>, 7% senior secured credit facility agented by B Riley Securities, Inc. (the “BRS Credit Facility”), successfully completing a $107.5 million<\/span> financing package that has enabled the Company to reduce its total outstanding debt, lengthen debt maturity and provide capital resources for continued asset development activities.<\/p>\n

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\n \"Cadiz
\n <\/a>\n <\/p>\n<\/p><\/div>\n

The net proceeds from the BRS Credit Facility, combined with the net proceeds from its recently closed underwritten registered public offering of $57.5 million<\/span> of 8.875% Series A Cumulative Perpetual Preferred Stock\u00a0 (the “Series A Preferred Stock”), represented by depositary shares which are expected to be begin trading on NASDAQ under the symbol “CDZIP” within 30 days, were utilized to repay in full the Company’s senior secured term loan with Apollo Special Situations Fund, LP(the “Existing Credit Agreement”), fund a segregated dividend account and provide working capital.\u00a0\u00a0 <\/p>\n

The closing of the BRS Credit Facility concludes a series of financial transactions in Q2 2021 that also supported the Company’s acquisition of the Cadiz Northern Pipeline and ongoing infrastructure development at the Company’s properties. <\/p>\n

“This important financing package has significantly reduced the Company’s leverage and we believe has positioned the Company well to execute on our mission of contributing our unique assets to address California’s<\/span> deepening water resource challenges,” said Scott Slater<\/span>, Cadiz CEO and President.\u00a0 “We are grateful for the diligent efforts of B. Riley Securities and the other joint book runners and managers to successfully complete these significant transactions for the Company.”<\/p>\n

The BRS Credit Facility replaces the Company’s outstanding debt with a reduced borrowing level of $50 million<\/span> and a maturity date of July 2024<\/span>. The new facility will accrue interest at 7% per annum, a reduction from the Existing Credit Agreement of 9.5% per annum.\u00a0<\/p>\n

Following the closing of second quarter financial transactions, the Company has over $25 million<\/span> in cash available for general business operations plus over $10 million<\/span> in a segregated dividend account for eight quarterly dividend payments on the Series A Preferred Stock.\u00a0 This balance is net of the $19 million<\/span> payment the Company made in June to El Paso Natural Gas to complete the acquisition of the 220-mile Cadiz Northern Pipeline announced via press release<\/a> on July 1st<\/span>. <\/p>\n

Additional details regarding the BRS Credit Facility, the Series A Preferred Stock and depositary shares, are provided in the July 1, 2021<\/span>, Prospectus Supplement<\/a> (Form 424) to the Company’s shelf registration statement on Form S-3 (Registration No. 333-257159<\/a>) (the “Registration Statement”) initially filed with the Commission on June 17, 2021<\/span>, and declared effective by the Commission on June 25, 2021<\/span> and Form 8-K filed today.<\/p>\n

“In the third quarter, the Company will focus on continuing sustainable asset and infrastructure development at its properties including critical investment in water supply facilities that can benefit California<\/span> communities,” Slater added. <\/p>\n

To learn more about the Company’s mission and projects, please visit cadizinc.com<\/a>.<\/p>\n

\n About Cadiz Inc.<\/b>\n <\/p>\n

Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California<\/span> business dedicated to sustainable water and agricultural projects.\u00a0 We own 70 square miles of property with significant water resources in Southern California<\/span> and are the largest agricultural operation in San Bernardino, California<\/span>, where we have sustainably farmed since the 1980s.\u00a0 We are also partnering with public water agencies to implement the Cadiz Water Project, which was named a Top 10 Infrastructure Project that over two phases will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region.\u00a0 Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects and practicing responsible stewardship of our land, water and agricultural resources.\u00a0 For more information, please visit www.cadizinc.com<\/a>. <\/p>\n

\n FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. \u00a0Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. \u00a0Factors that could cause actual results or events to differ materially from those reflected in the Company’s forward-looking statements include the Company’s ability to maximize value for Cadiz land and water resources, the Company’s ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company’s Securities and Exchange Commission filings, including the Annual Report on Form 10-K for the year ended December 31<\/span>, 2020.\u00a0 All forward-looking statements contained in this release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date.\u00a0 We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.<\/i>\n <\/p>\n

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\n \"Cision\" View original content to download multimedia:https:\/\/www.prnewswire.com\/news-releases\/cadiz-completes-107-5m-refinancing-package-301327010.html<\/a><\/p>\n

SOURCE Cadiz Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

New Credit Facility and Preferred Stock Replace Existing Debt and Provide Working Capital for ongoing Asset Development. PR Newswire LOS ANGELES, July 7, 2021 \/PRNewswire\/ —\u00a0 Today, Cadiz Inc.\u00a0(“the Company,” NASDAQ: CDZI) is pleased to announce the closing of a new, long-term $50 million, 7% senior secured credit facility agented by B Riley Securities, Inc. (the “BRS Credit Facility”), successfully completing a $107.5 million financing package that has enabled the Company to reduce its total outstanding debt, lengthen debt maturity and provide capital resources for continued asset development activities. The net proceeds from the BRS Credit Facility, combined with the net proceeds from its recently closed underwritten registered public offering of $57.5 million of 8.875% Series A Cumulative Perpetual Preferred … <\/p>\n

Continue reading “Cadiz Completes $107.5M Refinancing Package”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-510410","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCadiz Completes $107.5M Refinancing Package - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cadiz-completes-107-5m-refinancing-package\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cadiz Completes $107.5M Refinancing Package - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"New Credit Facility and Preferred Stock Replace Existing Debt and Provide Working Capital for ongoing Asset Development. PR Newswire LOS ANGELES, July 7, 2021 \/PRNewswire\/ —\u00a0 Today, Cadiz Inc.\u00a0(“the Company,” NASDAQ: CDZI) is pleased to announce the closing of a new, long-term $50 million, 7% senior secured credit facility agented by B Riley Securities, Inc. (the “BRS Credit Facility”), successfully completing a $107.5 million financing package that has enabled the Company to reduce its total outstanding debt, lengthen debt maturity and provide capital resources for continued asset development activities. The net proceeds from the BRS Credit Facility, combined with the net proceeds from its recently closed underwritten registered public offering of $57.5 million of 8.875% Series A Cumulative Perpetual Preferred … Continue reading "Cadiz Completes $107.5M Refinancing Package"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/cadiz-completes-107-5m-refinancing-package\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-07T14:03:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1559037\/Cadiz_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadiz-completes-107-5m-refinancing-package\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadiz-completes-107-5m-refinancing-package\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Cadiz Completes $107.5M Refinancing Package\",\"datePublished\":\"2021-07-07T14:03:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadiz-completes-107-5m-refinancing-package\\\/\"},\"wordCount\":859,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadiz-completes-107-5m-refinancing-package\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1559037\\\/Cadiz_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadiz-completes-107-5m-refinancing-package\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/cadiz-completes-107-5m-refinancing-package\\\/\",\"name\":\"Cadiz Completes $107.5M Refinancing Package - 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