- In connection with the Marrone Bio Innovations merger, Bioceres Crop Solutions ( NASDAQ: BIOX ) has issued secured guaranteed convertible notes to Jasper Lake Ventures One, Redwood Enhanced Income, and Liminality Partners for a total principal amount of $55M.
- The notes have a 4-year maturity and accrue interest at an annual interest rate of 9%, of which 5% is payable in cash and 4% in-kind.
- Company can repurchase the notes voluntarily 30 months after the issue date.
- Proceeds will be allocated to terming out existing ProFarm Group’s financial obligations, to working capital for the execution of cost and sales synergies from the merger, and general corporate purposes.
- Also, in connection to the recent conversion of shares of Bioceres of 75% of the convertible notes issued on March 2020 to Solel-Bioceres SPV. Company has issued new secured guaranteed notes to Solel corresponding to the remaining 25% of the outstanding capital and the repurchase of the underlying 1.53M common shares.
- The new notes have a principal amount of $24.4M
For further details see:
Bioceres Crop Solutions executes financing agreements for $79M