June 23 (SeeNews) - Greek shipping company Star Bulk Carriers Corp said it priced a previously announced secondary offering of just above 2.38 million shares at $22 apiece (18.4 euro).
All of the shares were offered by US investment management firm Oaktree Capital Management LP which currently holds a stake of 27.75% in the Athens-headquartered firm. After the offering, which is set to close on June 24, Oaktree’s shareholding will stand at about 25.42%, the shipping company said in a press release on Tuesday.
You can subscribe to our M&A newsletter here
The offering price represents a discount to Star Bulk Carriers’ closing share price of $23.49 apiece on June 22.
Morgan Stanley is acting as book-running manager for the offering. Star Bulk Carriers will not receive any of the proceeds from the sale of shares by Oaktree.
Established in 2006, Star Bulk Carriers provides worldwide seaborne transportation solutions in the dry bulk sector. It operates a fleet of 128 vessels, with an aggregate capacity of 14.1 million deadweight tonnage. The market capitalisation of the company currently stands at about $2.4 billion.
($ = 0.8388 euro)