The oil-tanker operator confirmed the sale involves only shares held by OCM Njord, which currently commands approximately 20% of the company's class A equity. Torm will receive no proceeds from the transaction. Beyond the initial block of 9 million shares, the underwriter holds a 30-day option to acquire an additional 1.4 million shares to cover potential overallotments. The offering is scheduled to close Wednesday, leaving Nasdaq investors to weigh the impact of the major shareholder's exit on the company’s near-term market capitalization.
In section Market Quotes
Torm Shares Retreat as Oaktree Unit Offloads $290 Million Stake
A 6.5% premarket slide hit Torm shares Tuesday after OCM Njord Holdings, an affiliate of Oaktree Capital Management, moved to divest a significant portion of its position. The secondary offering of 9 million class A shares is set to generate roughly $290.3 million for the investment firm.
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