Star Bulk Carriers Raises $51.5mln
Star Bulk Carriers Corp announced the execution of agreements with affiliates of Oaktree Capital Management, L.P. and Senator Investment Group LP to sell Oaktree and Senator an aggregate of 6,310,272 of its common shares, at a purchase price of $8.154 per share.
The private placement, which is scheduled to close by early February 2017, is expected to result in aggregate gross proceeds to Star Bulk of approximately $51.5 million.
The Company has agreed to grant shelf registration rights to the investors for the resale of their common shares. Star Bulk intends to use the net proceeds of the offering for general corporate purposes.
Giving effect to this offering, Oaktree and Senator are expected to beneficially own approximately 51.4% and 6.5%, respectively, of the Company’s outstanding common shares.