GRIN - Research - Grindrod Shipping (GRIN) - Acquisition of IVS Bulk JV Interest Set to Close

Acquisition of IVS Bulk minority interest should close shortly. The $44.1 million acquisition will consolidate the joint venture and enhance the dry bulk fleet profile. Secured debt of $127 million refinances existing JV debt and a GRIN sub will borrow ~$36 million to complete the acquisition.Sale of small tanker also announced for $9 million. The sale increases liquidity by ~$4.5 million and enhances the fleet profile.Adjusting estimates to reflect the acquisition, asset sale and dry bulk market weakness. Our new 2020 EBITDA estimate drops to $59 million from $65 million. We expect to introduce a 2021 estimate once 2019 operating results announced in late February.Read More >>