BUZZ - Torm shares decline as Oaktree exits in a $253.5 million secondary offering
路透社2026/10/06 12:11Updated Pricing Details: On October 6th, before the market opened on Tuesday, shares of the tanker operator Torm (TRMD.O), listed in the US, dropped 3.2% to $39.72 after the company announced the pricing of its secondary offering. According to the company (link), funds managed by Oaktree Capital Management sold approximately 6.3 million shares, raising a total of about $253.5 million. The secondary offering was priced at $40.05 per share, a 2.4% discount to the stock's previous closing price. According to the prospectus, Oaktree Capital completely exited its remaining approximately 6.2% stake following the sale (link). JPMorgan served as the sole underwriter for this issuance. Last month, Oaktree Capital (link) sold shares in another secondary offering of 9 million shares at $32.25 per share. Driven by record freight rates, the shares of tankers listed in Northern Europe (link) have soared, and Torm's stock closed up 2.6% on Monday at $41.05. As of Monday’s close, the company’s US-listed shares had surged about 110% year-to-date, including a 47% gain over the past three months. (For the convenience of non-English speakers, Reuters provides its report with automated translation into several languages. Due to the possibility of errors or the lack of contextual accuracy from automated translation, Reuters does not guarantee the accuracy of these texts. The automated translation is provided for readers’ convenience only. Reuters accepts no liability for any damage or loss arising from the use of automated translation features.)
Updated pricing details
October 6 - ** Before the market opened on Tuesday, shares of product tanker operator Torm (TRMD.O) listed in the US fell 3.2% to $39.72 after the company announced its secondary offering price
** The company stated (link) that funds managed by Oaktree Capital Management sold about 6.3 million shares, raising a total of approximately $253.5 million
** The offering was priced at $40.05, a 2.4% discount to the previous trading day's closing price
** According to the prospectus, following this sale, Oaktree Capital has sold off its remaining approximately 6.2% stake (link)
** JPMorgan served as the sole underwriter for this offering
** Last month, Oaktree Capital (link) sold shares through a secondary offering of 9 million shares at a price of $32.25 per share
** Buoyed by record freight rates, shares of tanker companies listed in Northern Europe (link) rose; Torm's share price closed up 2.6% on Monday at $41.05
** As of Monday's close, the company's US-listed shares have soared about 110% so far this year, with a 47% gain in the past three months
(To facilitate non-native English speakers, Reuters automatically translates its reports into several other languages. As automated translation may contain errors or may not contain the required context, Reuters does not guarantee the accuracy of the automated translation text and provides automated translation solely for the convenience of readers. Reuters assumes no responsibility for any damage or loss caused by the use of the automated translation feature.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Middle Eastern oil flow restored to about 80% of pre-war levels; Shell CEO Sawan says energy security is the cornerstone of national security.
According to reports, Shell (SHEL.US) CEO Wael Sawan said on Tuesday that Middle East oil flows have recovered to about 80% of pre-war levels.
BUZZ-Australia's Kelsian shares rise as asset sale triggers Morningstar's cautious optimism
Latest developments on October 7th – Kelsian Group (KLS.AX) shares briefly rose 1% to A$3.93 before narrowing gains to 0.3% by midday in Sydney. Morningstar holds a positive view on the transport operator’s recently announced A$150 million (US$104.76 million) sale of travel assets in mid-September. The investment research firm noted that this divestment relieves the transportation and travel operator from reliance on discretionary-spending businesses such as resorts, cruises, and tours. It also stated that the sale enables management to focus more on core operations and moderately reduces capital intensity. However, Morningstar pointed out that the sale means profits from the marine segment will still be "discretionary in nature." It added that the sale will leave the company’s earnings mainly dependent on its US interstate coach business, which is characterized by short-term contracts without cost-adjustment mechanisms and serves highly volatile sectors such as technology, oil, and gas. Year to date, the share price is down 8.2%. (US$1 = A$1.4318) (For the convenience of non-English speakers, Reuters automatically translates its reports into several other languages. Automated translation may be inaccurate or may not completely reflect the required context; Reuters does not guarantee the accuracy of translated texts, which are provided solely for reader convenience. Reuters is not responsible for any harm or loss arising from the use of automatic translation.)
JPMorgan raises Gilead Sciences' target price to $170.
Crypto prices
More
