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Conyers Dill & Pearman advised GoodBulk in regards to an acquisition agreement with entities affiliated with CarVal Investors (“CarVal”). GoodBulk agreed to purchase seven capsize vessels and had the ability to exercise options over another six capsize vessels. The consideration for the vessels is a mixture of cash and new shares to be issued by GoodBulk.
CarVal will receive up to US$10.5 million shares in GoodBulk for the initial seven vessels, with US$61 million of existing borrowings expected to be refinanced under current and new GoodBulk credit facilities. Upon completion of the deal, CarVal will become GoodBulk’s largest shareholder.
Director Guy Cooper of Conyers’ Bermuda office worked on the matter.