Cadiz completes $107.5m refinancing package

Los angeles, july 7, 2021 /prnewswire/ --  today, cadiz inc. ("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 stock  (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.
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