Grindrod completes sales of two of its medium-range tankers
By Edward West
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CAPE TOWN - GRINDROD Shipping Holdings, the JSE listed logistics group said yesterday that it had completed sales of the 2013-built medium-range tankers Leopard Moon and Leopard Sun.
In conjunction with the sales, approximately $24.7 million (R344.4m) debt remaining on the credit facility with NIBC Bank NV was repaid in full. The sales generated $17.9m in net proceeds after debt repayment with a further $2.7m release of restricted cash associated with the loan.
Last month’s sale of the 2009-built small tanker Breede, which constituted part of the security package for the group’s $100m senior secured credit facility and was released from the security package in connection with the closing of the transaction.