Marrone Bio Innovations Announces New $23M Accounts-Receivable And Inventory-Backed Credit Facilities

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

Benzinga · 01/09/2020 13:32

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.