Brief: Grindrod Shipping Holdings Agrees To Acquire Additional 33.25% Stake In Ivs Bulk Joint Venture Increasing Ownership To 66.75%, And Fleet Update

Grindrod Shipping Holdings

10/02/2020 22:01

Feb 10 (Reuters) - Grindrod Shipping Holdings Ltd  GRIN.O :
    * GRINDROD SHIPPING HOLDINGS LTD. ANNOUNCES AGREEMENT TO
ACQUIRE
ADDITIONAL 33.25% STAKE IN IVS BULK JOINT VENTURE INCREASING
OWNERSHIP TO 66.75%, AND FLEET UPDATE
    * GRINDROD SHIPPING HOLDINGS LTD - DEAL FOR TOTAL
CONSIDERATION OF
$44.1 MILLION
    * GRINDROD SHIPPING - ACQUISITION WILL BE FUNDED THROUGH A
COMBINATION OF CASH ON HAND, PROCEEDS FROM A REFINANCING OF IVS
BULK CAPITAL STRUCTURE
    * GRINDROD SHIPPING HOLDINGS LTD -  ACQUISITION WILL ALSO BE
FUNDED THROUGH A NEW LOAN AT GSPL
    * GRINDROD SHIPPING HOLDINGS LTD - GSPL WILL ENTER INTO A
REVISED
SHAREHOLDERS AGREEMENT WITH REMAINING 33.25% PARTNER IN IVS BULK
    * GRINDROD SHIPPING HOLDINGS LTD - IVS BULK HAS AGREED
COMPREHENSIVE REFINANCING AGREEMENTS WITH ITS LENDERS
    * GRINDROD SHIPPING HOLDINGS LTD - TWO EXISTING CREDIT
FACILITIES
OF IVS BULK WILL BE REFINANCED WITH TWO NEW SENIOR SECURED LOANS
TOTALING $127.3 MILLION

Source text for Eikon:  ID:nGNXB5mjr 
Further company coverage:  GRIN.O 

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