Star Bulk announces repurchase of shares from Oaktree
Published by David Bizley,
Senior Editor
Dry Bulk,
Star Bulk Carriers Corp., a global shipping company, has announced that it has entered into a repurchase agreement with OCM XL Holdings, L.P., a limited partnership in the Cayman Islands, Oaktree OBC Container Holdings, LLC, a limited liability company in the Marshall Islands, and OCM FIE, LLC, a limited liability company in Delaware.
Star Bulk has agreed to purchase an additional 10 million of its common shares from the sellers at a price per common share of US$19.50. The share repurchase was approved unanimously by all the disinterested members of Star Bulk’s Board of Directors.
As a result of the Share Repurchase, Oaktree Dry Bulk Holding LLC, an affiliate of the Seller, and its affiliated funds’ aggregate ownership in Star Bulk is expected to be reduced from approximately 17.2% of Star Bulk’s outstanding common stock to approximately 7.2%. Furthermore, the number of directors that the Oaktree Shareholders are entitled to nominate in accordance with the shareholders agreement, established in July 2014, among Star Bulk and the Oaktree Shareholders is expected to be reduced to one director.
Closing is expected to occur on 1 December 2023 after which the 10 million shares will be withdrawn and cancelled.
The Purchase Price will be funded from new debt financing, which Star Bulk intend to repay with proceeds mostly from future vessel sales.
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Read the article online at: https://www.drybulkmagazine.com/shipping/01112023/star-bulk-announces-repurchase-of-shares-from-oaktree/
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