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Full Circle Capital to Provide $8MM Facility to RiceBran Technologies

April 02, 2015, 07:17 AM

RiceBran Technologies , a global leader in the production and marketing of value added products derived from rice bran, announced that it has signed a conditional commitment letter with Full Circle Capital for an $8 million three-year debt facility to provide working capital and term loans to facilitate future growth. The financing will take the form of a $3.5 million senior secured revolving working capital facility ("Revolver"), a $2.5 million term loan ("Term Loan A") and up to $2 million of additional term loans ("Term Loan B").

Dale Belt, Chief Financial Officer, commented: "We are pleased to have entered into this commitment letter from Full Circle Capital.  This financing will replace the high interest $8 million revolving credit facility we paid off in mid-2014.  We expect to close this transaction in the coming weeks and use the resulting funding to support business growth throughout this year and into 2016.  While final documents have not yet been completed, we expect a double digit reduction in effective interest compared to the previous facility."

RiceBran Technologies is a human food ingredient and animal nutrition company focused on the procurement, bio-refining and marketing of numerous products derived from rice bran.

Full Circle Capital Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940.

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