TORM announced on Monday the commencement of a secondary public offering of 9M of the company's Class A common shares by OCM Njord Holdings, a company indirectly owned by funds managed by Oaktree Capital Management, L.P., and its affiliates. The selling shareholder expects to grant the underwriter a 30-day option to purchase up to an additional 1.35M Class A common shares offered in this offering. The selling shareholder beneficially owns approximately 20% of the company's Class A common shares before this offering. TORM is not selling any Class A common shares and will not receive any proceeds from the sale of its Class A common shares by the selling shareholder.
Torm PLC Class AOaktree-linked holder is selling 9M Class A shares in a secondary offering, a large share sale that pressures TORM's stock.
Oaktree-managed funds are the selling shareholder in the secondary offering, monetizing their ~20% stake.
