TORM announces commencement of 6.33M share secondary offering by Oaktree affiliate
TORM (TRMD) has announced the commencement of an underwritten secondary public offering of 6.33M Class A common shares.
The shares are being offered by OCM Njord Holdings S.à r.l. (the "Selling Shareholder"), an entity indirectly owned by funds managed by Oaktree Capital Management GP, LLC and its affiliates.
Prior to the launch of the offering, the selling shareholder beneficially owned approximately 6% of TORM's outstanding Class A common shares. TORM is not offering any shares in the transaction and will not receive any proceeds from the sale.
J.P. Morgan Securities LLC is serving as the sole underwriter for the offering, which remains subject to market and customary closing conditions.
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