Star Bulk aims to raise $51.5m in share offering

Star Bulk aims to raise $51.5m in share offering

Star Bulk has priced its latest share offering, in which it aims to raise up to $51.5m for “general corporate purposes”.

Some 11,976,745 of the NASDAQ-listed company’s common shares will be sold at a price of $4.30 per share in the underwritten public offering.

Major shareholders Oaktree Capital Management, Caspian Capital and entities related to the family of Star Bulk’s CEO Petros Pappas are expected to buy around 7,744,480 of the shares being sold.

The offering is expected to close on September 20. Its joint book-runners will be Citigroup, Clarksons Platou Securities, Deutsche Bank Securities and DNB Markets. ABN AMRO, AXIA, Credit Agricole CIB, DVB Capital Markets and SEB are acting as co-managers.

Earlier today, Star Bulk announced it has deferred repayment of $224m in loans by two years.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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