Sale-leaseback of its two California facilities provides financing to support the Company's growth plans
HAMILTON, Mont., May 3, 2023 /PRNewswire/ -- Local Bounti Corporation (NYSE: LOCL, LOCL WS) ("Local Bounti" or the "Company"), a breakthrough U.S. indoor agriculture company combining the best aspects of vertical and greenhouse growing technologies, today announced that it has completed its sale-leaseback transaction with an internally managed net-lease real estate investment trust, for approximately $35 million. This transaction, combined with the previously announced additional financing of up to $110 million through an amendment to its credit facility agreements with Cargill Financial Services International, Inc. ("Cargill"), provides a total of up to $145 million to support Local Bounti's growth plans and immediate efforts to increase production in order to meet accelerating demand for the Company's products.
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