Torm dips as Oaktree exits in $253.5 million secondary offering
TRMD•Funds managed by Oaktree Capital Management sold about 6.3 million Torm shares for approximately $253.5 million in gross proceeds. The offering was priced at $40.05 per share, a 2.4% discount to the prior close, and leaves Oaktree with no remaining stake.
1. Oaktree sells remaining stake
Funds managed by Oaktree Capital Management sold about 6.3 million Torm shares for approximately $253.5 million in gross proceeds. The offering was priced at $40.05 per share, a 2.4% discount to the prior close; Oaktree divested its remaining approximately 6.2% stake.
2. Recent share sale
Oaktree sold 9 million Torm shares in a secondary offering last month, priced at $32.25. JPMorgan was the sole underwriter for the latest offering.
