Bioceres Crop Solutions Executed Previously Announced Financing Agreements for a Total Amount of $79 Million
August 09 2022 - 8:30AM
Business Wire
Bioceres Crop Solutions Corp. (NASDAQ: BIOX) (“Bioceres” or the
“Company”), a fully integrated provider of crop productivity
solutions designed to enable the transition of agriculture towards
carbon neutrality, has finalized and executed the agreements
corresponding to the capital commitments announced on March 16,
2022, in connection with the Marrone Bio Innovations merger
agreement announcement.
The Company has issued secured guaranteed convertible notes to
Jasper Lake Ventures One LLC, Redwood Enhanced Income Corp., and
Liminality Partners LP for a total principal amount of $55 million.
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.
At any time up to maturity the note holders might opt to convert
the outstanding principal amount into common shares of Bioceres at
a strike price of $18 per share. The Company can repurchase the
notes voluntarily 30 months after the issue date. Proceeds will be
allocated to terming out existing ProFarm Group’s (formerly Marrone
Bio Innovations Inc.) 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 into common shares
of Bioceres of 75% of the convertible notes issued on March 2020 to
Solel-Bioceres SPV L.P. (“Solel”), Bioceres has issued new secured
guaranteed notes to Solel corresponding to the remaining 25% of the
outstanding capital and the repurchase of the underlying 1,526,454
common shares. The new notes have a principal amount of $24.4
million, a 4-year maturity, and an annual interest rate of 9%, of
which 5% is payable in cash and 4% in-kind. Bioceres can repurchase
the new notes at par value at the end of months 24 and 36, with the
annual interest rate stepping up to 13% and 14% correspondingly,
should the Company not exercise its prepayment rights. The new
Solel notes have no conversion rights into common shares of
Bioceres.
About Bioceres Crop Solutions Corp.
Bioceres Crop Solutions Corp. (NASDAQ: BIOX) is a fully
integrated provider of crop productivity technologies designed to
enable the transition of agriculture towards carbon neutrality. To
do this, Bioceres’ solutions create economic incentives for farmers
and other stakeholders to adopt environmentally friendlier
production practices. The Company has a unique biotech platform
with high-impact, patented technologies for seeds and microbial
ag-inputs, as well as next generation crop nutrition and protection
solutions. Through its HB4 program, the Company is bringing digital
solutions to support growers’ decisions and provide end-to-end
traceability for production outputs. For more information, visit
here.
Forward-looking statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,”
“expect,” “estimate,” “plan,” “outlook,” and “project” and other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. Such
forward-looking statements are based on management’s reasonable
current assumptions, expectations, plans and forecasts regarding
the Company’s current or future results and future business and
economic conditions more generally. Such forward-looking statements
involve risks, uncertainties and other factors, which may cause the
actual results, levels of activity, performance or achievement of
the Company to be materially different from any future results
expressed or implied by such forward-looking statements, and there
can be no assurance that actual results will not differ materially
from management’s expectations or could affect the Company’s
ability to achieve its strategic goals, including the uncertainties
relating to the impact of COVID-19 on the Company’s business,
operations, liquidity and financial results and the other factors
that are described in the sections entitled “Risk Factors” in the
Company's Securities and Exchange Commission filings updated from
time to time. The preceding list is not intended to be an
exhaustive list of all of our forward-looking statements.
Therefore, you should not rely on any of these forward-looking
statements as predictions of future events. All forward-looking
statements contained in this release are qualified in their
entirety by this cautionary statement. Forward-looking statements
speak only as of the date they are or were made, and the Company
does not intend to update or otherwise revise the forward-looking
statements to reflect events or circumstances after the date of
this release or to reflect the occurrence of unanticipated events,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220809005653/en/
Investor Relations Contact Chris Tyson Executive Vice
President MZ Group – MZ North America (949) 491-8235
BIOX@mzgroup.us www.mzgroup.us
Bioceres Crop Solutions Paula Savanti Head of Investor
Relations investorrelations@biocerescrops.com
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