DAVIS, Calif.--(BUSINESS WIRE)--Dec. 30, 2015--
Arcadia Biosciences, Inc. (Nasdaq: RKDA), an agricultural technology
company, today announced the closing of a debt facility with Silicon
Valley Bank, the bank of the world’s most innovative companies and their
investors. The new debt facility includes a $25 million senior secured
term loan, the proceeds from which were used to prepay amounts
outstanding under existing loan agreements with affiliates of Tennenbaum
Capital Partners, LLC and Mahyco International Pte. Ltd. With this
refinancing, all outstanding Arcadia debt is consolidated into a single
debt instrument with a more favorable interest rate, reduced payment
amounts and a significantly reduced cost of capital.
“This refinancing prudently consolidates our debt into a single
lower-cost instrument, significantly reducing our periodic and overall
costs,” said Eric Rey, president and CEO of Arcadia. “As evidenced by
the numerous technical and business developments we’ve announced over
the past several months in soybeans, rice, wheat, and most recently
corn, we continue to deploy capital in a targeted and efficient manner
to augment the major investments being made by our licensees and
“We’re excited to partner with Arcadia Biosciences as it continues to
develop and commercialize plant traits that will increase yields in some
of the most important global crops,” said Jonathan
Norris, managing director of life science for Silicon Valley Bank.
“Our life science team is dedicated to supporting companies like Arcadia
and the broader life science sectors as these companies make incredible
advancements for both people and the planet.”
The description of the debt facility in this press release does not
purport to be a complete description. The statements in this press
release are qualified in their entirety by reference to the description
of the debt financing transaction contained in a Current Report on Form
8-K and the related debt financing documents that will be attached as
exhibits and filed by Arcadia with the Securities and Exchange
About Arcadia Biosciences, Inc.
Based in Davis, Calif., with additional facilities in Seattle, Wash. and
Phoenix, Ariz., Arcadia Biosciences (Nasdaq: RKDA) develops agricultural
products that create added value for farmers while benefitting the
environment and enhancing human health. Arcadia’s agronomic performance
traits, including Nitrogen Use Efficiency, Water Use Efficiency,
Salinity Tolerance, Heat Tolerance and Herbicide Tolerance, are all
aimed at making agricultural production more economically efficient and
environmentally sound. Arcadia’s nutrition traits and products are aimed
at creating healthier ingredients and whole foods with lower production
costs. The company was recently listed in the Global Cleantech 100 and
was previously named one of MIT Technology Review's 50 Smartest
Companies. For more information, visit www.arcadiabio.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its offices
in innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Forbes named SVB one of America’s best banks (2015)
and one of America’s best-managed companies (2014).
SVB’s life science and healthcare practice provides a range of financial
services to innovative companies that are improving health through
Learn more at svb.com/lifescience.
Silicon Valley Bank is the California bank subsidiary and commercial
banking operation of SVB Financial Group(Nasdaq: SIVB), and a
member of the FDIC. Silicon Valley Bank and SVB Financial Group are
members of the Federal Reserve System.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially, and reported results
should not be considered as an indication of future performance. These
risks and uncertainties include, but are not limited to: the company’s
and its partners’ and affiliates’ ability to identify and isolate
desired traits; the company’s and its partners’ ability to develop
commercial products incorporating its traits; the company’s compliance
with laws and regulations that impact the company’s business, and
changes to such laws and regulations; the company’s future capital
requirements and ability to satisfy its capital needs; and the other
risks set forth in the company’s filings with the Securities and
Exchange Commission from time to time, including the risks set forth in
the company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2015 and other filings. These forward-looking statements
speak only as of the date hereof, and Arcadia Biosciences, Inc.
disclaims any obligation to update these forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151230005092/en/
Source: Arcadia Biosciences, Inc.
Jeff Bergau, +1-312-217-0419