Torm Shares Drop Premarket After Secondary Stock Offering Prices
Dow Jones09-15 19:14
Torm's shares were under pressure after investor OCM Njord Holdings priced an offering of the oil-tanker operator's shares.
In premarket trading, Torm's shares were 6.5% lower at $33.05 on Nasdaq.
The company said Oaktree Capital Management-owned OCM Njord launched an offering of 9 million of Torm's class A shares that will raise gross proceeds of about $290.3 million. OCM Njord, which currently owns about 20% of Torm's A shares, has granted the underwriter of the stock sale a 30-day option to buy up to an additional 1.4 million shares.
Torm isn't selling any shares.
The offering is expected to close Wednesday.
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