Eagle Bulk Shipping's lead investor Oaktree Capital has bolstered its interest in the Nasdaq-listed bulker owner.
The purchase has come to light just days after Oaktree invested $45.5m in a convertible notes offering launched by Eagle to fund the purchase of six vessels.
Los Angeles-based Oaktree has bought 1.94 million shares, bringing its total unit count to 28.2 million, according to an SEC filing.
The investment is worth $6.96m as Eagle's shares sit at $4.67 before today's opening bell.
Oaktree currently now owns 38.5% of the company, which yesterday reported a $6m loss for the second quarter versus a $3.45m profit a year earlier.
Eagle's other major stakeholders include Goldentree Asset Management, which has 14.1 million shares, and Neuberger Berman Group, which holds 3.32 million units. BlackRock has 2.54 million shares.
Goldentree also supported the notes offering, taking a $23.6m slice of the new paper.
Eagle has a market cap of $342 million backed by 73.2 million outstanding shares.
