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    CDZI   US1275372076

CADIZ INC.

(CDZI)
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Cadiz Inc. and Cadiz Real Estate LLC Enter into a New Senior Secured Credit Agreement with B. Riley Securities, Inc

07/07/2021 | 09:49am EDT

On July 2, 2021, Cadiz Inc. (the “Company,”) and wholly-owned subsidiary, Cadiz Real Estate LLC (collectively, the “Borrowers”), entered into a new senior secured credit agreement with the lenders party thereto from time to time (the “Lenders”) and B. Riley Securities Inc. as administrative agent for the Lenders (the “Credit Agreement”), pursuant to which the Lenders made secured term loans to the Borrowers in an aggregate original principal amount of $50.0 million (the “Loans”). The Credit Agreement will mature on July 2, 2024, unless the maturity is accelerated subject to the terms of the Credit Agreement. Interest will be paid quarterly beginning on September 30, 2021 at a rate of 7% per annum. The obligations under the Credit Agreement are secured by substantially all of the Borrowers’ assets on a first-priority basis (except as otherwise provided in the Credit Agreement). In connection with any repayment or prepayment of the Loans, the Borrowers are required to pay a repayment fee equal to the principal amount being repaid or prepaid, multiplied by (i) 0.0%, if such repayment or prepayment is made prior to the six-month anniversary of the closing of the Loans, (ii) 2.0%, if such repayment or prepayment is made on or after the six-month anniversary of the closing of the Loans and prior to the eighteen-month anniversary of the closing of the Loans, (iii) 4.0%, if such repayment or prepayment is made on or after the eighteen-month anniversary of the closing of the Loans and prior to the thirty-month anniversary of the closing of the Loans, and (iii) 6.0%, if such repayment or prepayment is made at any time after the thirty-month anniversary of the closing of the Loans. At any time, the Borrowers will be permitted to prepay the principal of the Loans, in whole or in part, provided that such prepayment is accompanied by any accrued interest on such principal amount being prepaid plus the applicable repayment fee. The Credit Agreement includes customary affirmative and negative covenants binding on the Borrowers, including delivery of financial statements and other reports. The negative covenants limit the ability of the Borrowers to, among other things, incur debt, incur liens, make investments, sell assets, pay dividends and enter into transactions with affiliates. In addition, the Credit Agreement includes customary events of default and remedies. While any amount remains outstanding under the Loans, the Lenders will have the right to convert the outstanding principal, plus unpaid interest, on the Loans into Depositary Receipts at the per share exchange price of $25.00, as follows: on or before the 12-month anniversary of the closing of the Loans, up to 25% of the outstanding principal and unpaid interest on the Loans may be exchanged into Depositary Receipts; at any time after the 12-month anniversary of the closing of the Loans, and on or before the 18-month anniversary of the closing of the Loans, up to 50% of the principal and unpaid interest on the Loans may be exchanged into Depositary Receipts; at any time after the 18-month anniversary of the closing of the Loans, and on or before the 24-month anniversary of the closing of the Loans, up to 75% of the principal and unpaid interest on the Loans may be exchanged into Depositary Receipts; and at any time after the 24-month anniversary of the closing of the Loans, up to 100% of the principal and unpaid interest on the Loans may be exchanged for Depositary Receipts.


© S&P Capital IQ 2021
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Financials (USD)
Sales 2021 0,56 M - -
Net income 2021 -23,2 M - -
Net Debt 2021 - - -
P/E ratio 2021 -14,6x
Yield 2021 -
Capitalization 356 M 356 M -
Capi. / Sales 2021 637x
Capi. / Sales 2022 81,6x
Nbr of Employees 10
Free-Float 97,9%
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Technical analysis trends CADIZ INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 1
Last Close Price 8,62 $
Average target price 17,50 $
Spread / Average Target 103%
EPS Revisions
Managers and Directors
Scott S. Slater President, Chief Executive Officer & Director
Stanley E. Speer Chief Financial Officer & Secretary
Keith Brackpool Chairman
Winston H. Hickox Independent Director
Geoffrey T. Grant Independent Director