Denmark´s Torm specialist carrier of refined oil products has announced on Wednesday that its major shareholder which owns approximately 65 percent of the company´s shares wants to sell about 5 million of the company’s class A common shares.
Specifically, the Nasdaq-listed company announced the commencement of a secondary public offering of 5 million 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.
As part of the sale, OCM Njord Holdings expects to grant the underwriters a 30-day option to purchase up to an additional 750,000 class A common shares offered in this offering. The company is not selling any class A common shares and will not receive any proceeds from the sale of the company’s class A common shares by the selling shareholder, as Torm explains in its announcement.
The offering is subject on market and other conditions, Torm writes. Meanwhile, there can be no assurance on the actual follow-through of the sale. “There can be no assurance as to whether or when the offering may be completed,” the Danish major said.
Prior to selling, the shareholder owns roughly 65 percent on Torm’s class A common shares, the press release explains.
Citigroup, Evercore and Jefferies are acting as joint book-running managers and global Coordinators for the offering.
