Star Bulk Carriers priced some $51.5m in new equity, which is being required as part of a just announced deal with lenders to defer some $224m in loan payments.
The Petros Pappas-led bulker owner said it will price 11.9 million shares at $4.30 per share. The offering is expected to close on 20 September. The price represents an 8% discount to yesterday's closing price of $4.67 per share.
Oaktree Capital Management, Caspian Capital and entities and affiliates of Petros Pappas have signed on to buy 7.7m of those shares. Oaktree, Caspian and the Pappas affiliates will beneficially own approximately 51.8%, 6.6% and 5.8%, respectively, of our outstanding common shares after the offering.
Citigroup, Clarksons Platou Securities, Deutsche Bank Securities and DNB Markets are acting as book-running managers for the offering. ABN Amro, Axia, Credit Agricole, DVB Capital Markets and SEB are acting as co-managers.
