TORM plc Closes Share Offering, Selling Shareholder Owns 11.06%
TORM plc, a shipping company, has completed a previously announced secondary public offering of its Class A common shares. The selling shareholder, an entity indirectly owned by Oaktree Capital Management funds, sold 9 million shares.
TORM plc, an international shipping company, has announced the closing of its previously announced secondary public offering of Class A common shares.
The offering involved the sale of 9,000,000 Class A common shares by OCM Njord Holdings S.à r.l. This selling shareholder is indirectly owned by funds managed by Oaktree Capital Management, L.P. and its affiliates. Following the completion of the sale, the selling shareholder beneficially owns approximately 11.06% of TORM's outstanding Class A common shares.
In addition, the selling shareholder granted the underwriter a 30-day option to purchase up to an additional 1,350,000 Class A common shares. The terms of this offering and its impact on the company's ownership structure are significant for investors.