Eagle Bulk Shipping drops on upsized secondary stock offering

Eagle Bulk Shipping

30/06/2021 12:05

** Eagle Bulk Shipping  EGLE.O  shares down ~7% premarket on
secondary offering
    ** Drybulk vessel operator late Tues announced ~1.7 mln
shares sold by GoldenTree Asset Management in offering at $46.50
with Morgan Stanley as sole bookrunner  urn:newsml:reuters.com:*:nGNXb8yCL
    ** Deal size increased from 1.5 mln shares, prices at 9.2%
discount to stock's last sale
    ** Sale more than halves GoldenTree's EGLE stake from ~23%
to ~10%, per filing https://www.sec.gov/Archives/edgar/data/1322439/000119312521203296/d191894d424b5.htm#supprom191894_10
    ** EGLE shares up ~169% YTD and have more than tripled over
the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))