GRIN - Grindrod updates on ship sales repays $26.6M on various credit facilities

2023-04-25 16:26:26 ET

• Grindrod Shipping ( NASDAQ: GRIN ) said Tuesday the company has completed sales of certain vessels and made debt repayments totaling $26.6 million.

• Grindrod said it sold IVS Hirono for $23.8 million before costs, and paid about $10.5 million debt on its $114.1 million senior secured credit facility.

• The company sold IVS Sentosa for $10.9 million before costs, and repaid about $1.6 million debt on its $100.0 million senior secured credit facility.

• In late March, the company entered contract to sell IVS Pinehurst for $23.3 million, with delivery planned by May end.

• The company also sold IVS Kestrel for $17.3 million, and will use $7 million from it to repay debt on its $114.1 million senior secured credit facility.

• GRIN also expects to utilize a portion of the net proceeds of the aforementioned sales, to repay the $7.5 million remaining outstanding amount on its $100.0 million senior secured credit facility, which is scheduled to mature in May 2023.

• Press Release .

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