Cadiz, Inc. and Heerema IGS Announce Financing Agreement to Drive Growth

Source: www.gulfoilandgas.com 2/21/2024, Location: North America

Cadiz, Inc. (NASDAQ: CDZI / CDZIP, the "Company") and Heerema International Group Services BV ("Heerema"), the Company's largest shareholder, are pleased to announce a new financing agreement to support growth and capital investments in the Company's water supply, pipeline, filtration and storage assets. Under the agreement, Heerema will acquire the Company's $21.2 million Senior Secured Loan held by BRF Finance Co., LLC, ("BRF") and provide the Company an additional $20 million to support capital investments and growth. The Maturity Date of the combined $41.2 million Senior Secured Loan will be extended to 6/30/2027. As part of the agreement, the holders of the Company's existing $16 million Junior Convertible Loan have also agreed to extend their Maturity Date to 6/30/27. Following the transaction, the Company will have no debt due prior to 2027.

"Heerema's support has been the Company's most important strategic asset," said Susan Kennedy, Chairman and Chief Executive Officer of Cadiz. "Our business transformation is on track and with Heerema's support, Cadiz is in a strong position to continue executing against strategic objectives and deliver value to shareholders on the fastest possible timeframe."

"Heerema's vision is aligned with Cadiz in every respect, and we believe in the Company's future," said Pieter Heerema. "Never before has there been such an urgent need for large-scale investment in clean water infrastructure. The problem is global, and we believe Cadiz's solutions have regional and global application."


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