Shipper Torm falls on Oaktree's $290 mln stake sale
TRMD•Recent stock performance
Through Monday, U.S.-listed shares had surged about 80% year to date, including about a 36% advance quarter to date.
Oaktree sells 9 million shares
Denmark-based firm announced that funds managed by Oaktree Capital Management offloaded 9 million shares for approximately $290.25 million.
The offering price equates to $32.25, an 8.7% discount to the stock's last sale on Monday.
The sale reduces Oaktree's stake from about 20% to about 11% of TRMD's roughly 102.4 million Class A shares outstanding, according to the prospectus.
J.P. Morgan was the sole underwriter for the offering.
Shares fall after secondary offering pricing
U.S.-listed shares of product tanker operator Torm TRMD.O were down 6.1% at $33.19 before the bell on Tuesday after the secondary offering priced.
