Multi-office team advises Cadiz in financing for water supply projects

A team of lawyers from Norton Rose Fulbright advised Cadiz Inc. (Cadiz) in obtaining new development financing for the company’s water supply projects. The transaction, led by the company’s largest shareholder, Heerema International Group Services S.A., an international offshore energy and sustainable solutions company, consists of a new US$20m senior secured convertible term loan under an amended US$57m credit agreement.

Cadiz is a California water solutions company dedicated to providing access to clean, reliable and affordable water through a combination of water supply, storage, pipeline and treatment solutions. The company has 45,000 acres of land in California, 2.5 million acre-feet of water supply and 220 miles of pipeline assets

One of the projects that will benefit from the financing is the conversion of a 220-mile idle gas pipeline to one that can carry water. To do this, Cadiz plans to build pumping stations and connection facilities that allow water to be transferred and exchanged between public water agencies in San Bernardino, Kern and Riverside counties.

Norton Rose Fulbright’s deal team was led by Kevin Friedmann (Chicago) and Kimberly Perdue and included Geren Brown, Spencer Brown (Dallas) and Siyuan An (Los Angeles).