B. Riley & Co., an independent investment bank announced that it acted as advisor in an $83.5 million comprehensive debt refinancing package for Cadiz, Inc.
The refinancing establishes two separate debt instruments, a $30 million senior secured mortgage and a $53.5 million convertible bond.
B. RILEY served as advisor in the transaction and placement agent for the convertible bonds. The transaction closed March 5, 2013.
This is B. RILEY’s second engagement for Los Angeles-based Cadiz, a publicly held renewable resources company engaged in a combination of organic farming and water supply and storage projects, including the Cadiz Valley Water Conservation, Recovery & Storage Project.
“B. Riley was a great partner in this transaction,” said Scott Slater, CEO of Cadiz. “And their involvement helped us broaden our investor base.”
B. Riley provides corporate finance, research, sales, trading and otcqx dad services to corporate, institutional and high net worth individual clients.