GoldenTree Asset Management bought nearly $11.3m worth of additional shares in Eagle Bulk Shipping following the bulker owner's private placement.
But its percentage ownership dipped slightly as the new offering dilutes shareholders.
Earlier today, the Gary Vogel-led Eagle said it completed a private placement of some 22.2 million shares to net $100m in new capital.
GoldenTree bought 2.5 million of those shares at $4.50 each. Its total stake sits at just about 11.26 million shares, a roughly 16% stake in Nasdaq-listed Eagle.
The asset management firm, led by high-yield specialist Steve Tananbaum, previously reported a 18.2% stake on its 8.76 million share stake.
That made it Eagle Bulk’s second largest shareholder at the time, behind Oaktree Capital Management.
Oaktree reported owning just over 23 million shares subsequent to the private placement. It previously reported a 15.4 million share stake in Eagle Bulk. Oaktree's percentage stake in Eagle remained largely unchanged at roughly 32%.
Executives raise stakes
Three officers of Eagle Bulk also added to their holdings. Chairman Paul Leand took in 20,000 shares bringing his stake to just over 102,000 shares; chief executive Vogel also went in for 20,000 shares, bringing his position to 862,616 shares, and chief financial officer Frank De Costanzo took in another 6,667 shares, bringing him up to 240,530 shares.
All told, Eagle Bulk employees bought some 69,223 shares in the private placement, amounting to $125,294 in equity compensation due to the difference in the market price and the purchase price in the private placement, according to Eagle's last proxy statement.
