Oaktree cuts TORM stake via 9 million share secondary offering

TORM plc (NASDAQ: TRMD) announced the closing of a secondary public offering of 9,000,000 Class A common shares sold by OCM Njord Holdings S.à r.l., a company indirectly owned by funds managed by Oaktree Capital Management, L.P. and its affiliates.

TORM did not sell any shares in the offering and received no proceeds. Following the transaction, the selling shareholder's beneficial ownership in TORM's Class A common shares decreased to approximately 11.06%.

The selling shareholder also granted the sole underwriter, J.P. Morgan Securities LLC, a 30-day option to purchase up to an additional 1,350,000 Class A common shares.

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