Shipper Torm dips as Oaktree to exit
TRMD•Torm shares fell 2.6% premarket after the company announced a secondary offering of about 6.3 million shares by Oaktree-managed funds, which would exit their remaining 6.2% stake.
1. Oaktree share sale
Torm said late Monday that funds managed by Oaktree Capital Management would sell about 6.3 million shares in a secondary offering, enough to divest their remaining 6.2% stake. JPMorgan is the sole underwriter; Oaktree sold 9 million shares in an offering priced at $32.25 last month.
