Arranged $75M Private Placement and Debt Refinancing for Marrone Bio Innovations, Inc.
NEW YORK February 6, 2018 – National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), a leading full service independent brokerage, investment banking and asset management firm, recently acted as the exclusive placement agent and financial adviser for the successful completion of a $75,000,000 private placement and debt refinancing for Marrone Bio Innovations, Inc. (NASDAQ: MBII) (“MBI” or the “Company”), a pioneer and leader in the biopesticide industry.
The transaction provides support for MBI’s continued operations and future development through a comprehensive financing and indebtedness restructuring package, which included raising $30,000,000 of additional capital from a group of institutional investors led by Ospraie Management, LLC and affiliates (“Ospraie”). Additionally, the transaction strategically improves the Company’s balance sheet and leverage profile by converting $45,000,000 of existing indebtedness to equity. This transaction removes a substantial financial overhang, provides financial support for the Company’s continued operations and future development goals and allows the Company to turn its focus toward strengthening and growing its sales effort.
Jonathan Rich, EVP and Head of Investment Banking at National Securities Corporation, stated, “We are extremely pleased to announce the closing of this transaction with Marrone Bio Innovations and believe this speaks volumes to the capabilities of the banking and advisory division of National.” Mr. Rich continued, “This transaction is much more than a recapitalization. Our Agribusiness sector head, Ivan Saval, played an important role in understanding the underlying drivers of the Company and strategically executed this complex deal. This financial solution is a positive step forward for National and broadens our reach to new industry focused institutional investors with successful track records in agriculture related platforms. Again, the team at National is extremely pleased to arrange this solution for our client.”
“This was a complex transaction and we were well served for having National Securities advising us. We look forward to working with our new institutional investor partners,” stated Dr. Pamela Marrone, CEO and Founder of Marrone Bio Innovations.
Dwight Anderson, Co-Founder of Ospraie stated, “We are looking forward to the opportunity to partner with Marrone Bio Innovations and combine our abilities to grow the business. We believe the Company is uniquely positioned to benefit from an expanding farmer adoption of biologicals in integrated pest management and crop production programs. Ivan Saval and the National Securities team played a vitally important role in seeing this transaction through to a successful conclusion.”
About Marrone Bio Innovations, Inc.
BIO WITH BITE.
Marrone Bio Innovations, Inc. (NASDAQ: MBII) strives to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. MBI’s effective and environmentally responsible pest management solutions help customers operate more sustainably while uniquely improving plant health and increasing crop yields. MBI’s currently available commercial products are Regalia®, Grandevo®, Venerate®, Majestene®, Haven® StargusTM, AmplitudeTM, ZeltoTM and Zequanox®. MBI also distributes Bio-tam 2.0® for Isagro USA and Jet-Ag® for Jet Harvest in most regions of the U.S.
Marrone Bio Innovations is dedicated to pioneering smart biopesticide solutions that support a better tomorrow for both farmers, turf managers and consumers around the globe. For more information, please visit www.marronebio.com.
Ospraie Management is an investment management firm which has historically invested across the basic industry and commodity asset class spectrum including metals and mining, energy and agriculture. The firm was founded in 2000 by Dwight Anderson and Jason Mraz.
About National Holdings Corporation
National Holdings Corporation (NASDQ: NHLD) is a full-service investment banking and asset management firm that, through its affiliates, provides a range of services, including independent retail brokerage and advisory services, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation and insurance, to corporations, institutions, high net-worth and retail investors. With over 900 advisors, registered reps, traders, sales associates and corporate staff, National Holdings operates through various subsidiaries including National Securities Corporation, National Asset Management, Inc., National Insurance Corporation, vFinance Investments, Inc., Gilman Ciocia, Inc. and GC Capital Corporation. Formed as a holding company in 1999, National Holdings’ largest subsidiary National Securities Corporation has been in business since 1947. National Holdings is headquartered in New York and Florida. For more information, visit www.nhldcorp.com. Fortress Biotech, Inc. (NASDAQ: FBIO) through its affiliate FBIO Acquisition, Inc., is a majority shareholder of NHLD.
This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are based on management’s current expectations, estimates, projections, beliefs and assumptions about National Holdings, Inc., its current and prospective portfolio investments, and its industry. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond National Holdings, Inc.’s control, difficult to predict and could cause actual results to differ materially from those expected or forecasted in such forward-looking statements. Actual developments and results are likely to vary materially from these estimates and projections as a result of a number of factors, including those described from time to time in National Holdings, Inc.’s filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and National undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
National Holdings Corporation:
Michael Mullen, Chief Executive Officer
Telephone: +1 212-417-8055
Telephone: +1 212 554 4351