Cadiz announces additional $20M to support capital investments

Cadiz and Heerema International Group Services 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 $21.2M Senior Secured Loan held by BRF Finance and provide the Company an additional $20M 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 $16M 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.