Marrone Bio Innovations Announces New $23 Million Accounts-Receivable and Inventory-Backed Credit Facilities
Marrone Bio Innovations, Inc. (MBII)
Last marrone bio innovations, inc. earnings: 11/12 04:05 pm
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US:NASDAQ Investor Relations:
investors.marronebio.com/investor-relations
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Source: GlobeNewswire
DAVIS, Calif., Jan. 09, 2020 (GLOBE NEWSWIRE) -- Marrone Bio (NASDAQ: MBII) (MBI), an international leader in sustainable bioprotection and plant health solutions, today announced a $13.0 million expansion of its existing accounts-receivable credit facility which now totals $20.0 million, as well as the addition of a $3.0 million inventory-backed credit facility to support the Company as it continues to expand its customer base. Pursuant to the terms of the agreement with LSQ Funding Group (“LSQ”), LSQ may elect to purchase up to $20.0 million of eligible customer invoices from the Company, a significant increase from the $7.0 million limit established in 2017. In addition, the Company established a new $3.0 million inventory-backed credit facility with LSQ. “Our partnership with LSQ has given us excellent cost-effective financial vehicles by which we can improve our liquidity and working capital to accommodate our rapid growth,” said Jim Boyd, President and Chief Financial Office
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