Shipping firm Torm sinks as top investor to cut stake

Torm

30/03/2023 15:30

** U.S.-listed shares of Torm Plc  TRMD.O  down 11.3% at
$29.01 after oil & gas shipping firm announces secondary
offering
    ** TRMD on course for biggest one-day decline since last Jul
    ** UK-based firm late Weds said Oaktree Capital
Management-owned OCM Njord Holdings to sell 5 mln shares
    ** Offering would cut private equity firm Oaktree's stake by
6% to ~59%, or 48.8 mln shares
    ** Citigroup, Evercore and Jefferies acting as bookrunners
for offering slated to price Thurs after market close
    ** TRMD off 0.5% YTD with move on Thurs, but has more than
tripled over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))