---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-24-020294"
form_type: "8-K"
ticker: "CDZI"
cik: "0000727273"
company_name: "CADIZ INC"
filed_at: "2024-03-06T23:59:59+00:00"
generated_at: "2026-06-05T03:13:10.127396+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Cadiz closes $57M credit agreement; receives $20M new loan from Heerema, extends maturities to 2027

## Summary
- Heerema lender provided $20M new secured convertible loan at 7% PIK interest, convertible at $5.30/share.
- All debt maturities extended to June 30, 2027; existing ~$16M convertible loans become unsecured and subordinated.
- Heerema received warrant to purchase 1M shares at $5.00/share, expiring June 30, 2027.
- Consent fee of $479,845 paid via 166,036 shares of common stock valued at $2.89/share.
- Proceeds fund water supply project development; Northern Pipeline construction expected 2025, water delivery by 2026.

## SEC filing metadata
- accession: 0001213900-24-020294
- form_type: 8-K
- ticker: CDZI
- cik: 0000727273
- company_name: CADIZ INC
- filed_at: 2024-03-06T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/0001213900-24-020294-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/ea0201148-8k_cadizinc.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-24-020294
- JSON: https://secwatch.observer/filing/0001213900-24-020294.json
- Plain text: https://secwatch.observer/filing/0001213900-24-020294.txt

## Key facts
- Debt Financings
  CADIZ INC amended credit facility.
  - Instrument: credit facility
  - Event: amendment
  source text: The Amended Credit Agreement extends the maturity date for the Existing Convertible Loans and Existing Non-Convertible Loans to June 30, 2027.
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/0001213900-24-020294-index.htm
- Debt Financings
  CADIZ INC amended credit facility.
  - Instrument: credit facility
  - Event: amendment
  source text: the aggregate principal amount of the secured non-convertible term loans acquired by the Heerema Lender pursuant to the Assignment has been increased from $20,000,0000 to $21,200,000, and the applicable repayment fee in respect thereof has been eliminated
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/0001213900-24-020294-index.htm
- Debt Financings
  CADIZ INC incurred term loan of $20,000,000 with HHC $ Fund 2012 (the Heerema Lender) at 7% per annum maturing June 30, 2027.
  - Instrument: term loan
  - Principal: $20,000,000
  - Counterparty: HHC $ Fund 2012 (the Heerema Lender)
  - Rate: 7% per annum
  - Maturity: June 30, 2027
  - Event: incurrence
  source text: The Amended Credit Agreement provides for a new tranche of senior secured convertible term loans from the Heerema Lender in an aggregate principal amount of $20,000,000 (the “New Secured Convertible Loans”), having a maturity date of June 30, 2027, which was fully funded to the Company on March 6, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/0001213900-24-020294-index.htm
- Material Agreements
  CADIZ INC entered into Third Amendment to Credit Agreement and First Amendment to Security Agreement with HHC $ Fund 2012 (the "Heerema Lender"), an affiliate of Heerema International Group Services S.A. valued at aggregate principal amount of $20,000,000 (effective 2024-03-06).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: HHC $ Fund 2012 (the "Heerema Lender"), an affiliate of Heerema International Group Services S.A.
  - Value: aggregate principal amount of $20,000,000
  - Effective: 2024-03-06
  source text: On March 6, 2024, Cadiz Inc. (the “Company,” “we,” “our,” and “us”) and our wholly-owned subsidiaries, Cadiz Real Estate LLC, ATEC Water Systems, LLC, and Octagon Partners LLC (collectively, the “Borrowers”), entered into a Third Amendment to Credit Agreement and First Amendment to Security Agreement (the “Third Amendment”) with HHC $ Fund 2012 (the “Heerema Lender”), an affiliate of Heerema International Group Services S.A. (“Heerema”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/727273/000121390024020294/0001213900-24-020294-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.