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CADIZ INC. ANNOUNCES COMPREHENSIVE REFINANCING PACKAGE
New Financial Structure Positions Balance Sheet for Water Project Construction Financing and Provides $17.5 Million in Working Capital to Fund Operations
March 5, 2013
Los Angeles, CA -- Cadiz Inc. (NASDAQ: CDZI) ("Cadiz", "the Company") is pleased to announce that it has entered into an agreement with its senior lenders ("the Lenders") to refinance the Company's existing $66 million corporate term debt that is currently due June 29, 2013. The agreement establishes two separate debt instruments, a $30 million senior secured mortgage loan due in three years and a new $53.5 million convertible bond due in five years. No principal or interest payments are required under either instrument during the term until maturity. The new debt instruments will replace all existing term debt on the Company's balance sheet and provide $17.5 million in new working capital to fund the Company's current operations, including pre-construction activities related to the Cadiz Valley Water Conservation, Recovery and Storage Project (the "Water Project").