Cadiz Inc. and Heerema International Group Services BV announced 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 $21.2 million Senior Secured Loan held by BRF Finance Co., LLC, ("BRF") and provide the Company an additional $20 million to support capital investments and growth. The Maturity Date of the combined $41.2 million Senior Secured Loan will be extended to June 30, 2027.

As part of the agreement, the holders of the Company's existing $16 million Junior Convertible Loan have also agreed to extend their Maturity Date to June 30, 2027. Following the transaction, the Company will have no debt due prior to 2027. The additional $20 million in capital to be provided by Heerema will carry a 7% PIK coupon and be convertible into Cadiz common stock at a price of $5.30 per share.

The transaction remains subject to execution of definitive transaction documents and is expected to be completed expeditiously.