RiceBran Tech Signs Revolver With TCA Global Credit Master Fund
RiceBran Technologies, a producer and marketer of value added products derived from rice bran, announced that it signed an $8 million revolving credit facility with TCA Global Credit Master Fund to provide operating capital to support growth in the company’s U.S. and Brazil segments.
An initial draw of $1.4 million under the facility was used to provide working capital for the company’s U.S. segment and to fund an increase in capital at Nutra S.A./Irgovel, the company’s Pelotas, Brazil-based rice bran bio-refinery. Additional draws under the facility are subject to continuing compliance with the terms of the revolving credit facility and to meeting additional conditions at the time of each future draw request.
W. John Short, CEO & President, commented: “We are pleased to have started a borrowing relationship with TCA Global Credit Master Fund. When traditional funding sources for small and microcap companies disappeared in the wake of the 2008/2009 financial crisis, TCA stepped in to provide an alternative. This revolving credit facility provides working capital necessary to grow our business with minimal dilution.”
“In addition to thanking the team at TCA, I also want to thank our investors at Hillair Capital and the holders of our subordinated convertible secured notes, all of whom worked with us to complete the transaction with TCA on a timely basis.”
RiceBran Technologies is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran.