Press Release: Cadiz Inc. Announces Agreement with Senior Lender for $10 Million in New Working Capital
(October 31, 2013) Los Angeles, CA – Cadiz Inc. (NASDAQ: CDZI) (“Cadiz”, “the Company”) is pleased to announce today that it has entered into an agreement (“Credit Agreement”) with its new majority senior lender, MSD Credit Opportunity Master Fund, L.P. (“MSD Credit”), to increase the Company’s existing $30 million senior secured mortgage loan by $10 million to fund additional working capital. MSD Credit previously acquired the majority interest of the $30 million portion of the debt in a private transaction. The new $10 million, together with our existing cash resources, places the Company in a strong position to complete the defense of existing permits for the Cadiz Valley Water Conservation, Recovery and Storage Project (the “Water Project”) and move toward project construction.
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