GRIN - Grindrod Shipping to acquire remaining 31.14% stake in IVS Bulk for $46.3M

Grindrod Shipping (GRIN) is acquiring the remaining 31.14% equity stake in its IVS Bulk joint venture for $46.3M.Grindrod's subsidiary GSPL is acquiring the remaining shares in IVS Bulk held by an affiliate of Bain Capital Credit for $46.3M, comprising of $37.2M for ordinary equity shares and $9.1M for preference shares.IVS Bulk intends to redeem in full $27.3M preferred share capital held by Grindrod and Bain using available cash and the proceeds from an increase of one of IVS Bulk’s existing credit facilities by $23M, and or available cash on Grindrod.Grindrod will receive $18.2M from the redemption and Bain will receive $9.1M. The company expects to fund the acquisition of Bain’s ordinary shares through a combination of cash on hand and proceeds received from the redemption of the preference shares.“The acquisition of the remaining shares in IVS Bulk represents a critical step in the growth and development of Grindrod Shipping at a time of very

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Grindrod Shipping to acquire remaining 31.14% stake in IVS Bulk for $46.3M