Greek dry bulk giant Star Bulk Carriers has bought back another 10m shares from its largest investor, Oaktree Capital Management.
The Nasdaq-listed operator of around 120 bulkers and the US private equity firm agreed on $19.50 per share. Star Bulk has been trading down for the past 15 days, closing at $18.55 on Tuesday.
The Petros Pappas-led firm is funding the deal from new debt financing, which should be repaid with proceeds mostly from future vessel sales.
After the sale, which should close in December, Oaktree and its affiliated funds will own about 7.2% of Star Bulk stock, with board representation reduced to one seat.
Earlier this year, Oaktree offloaded its entire stake in US-based Eagle Bulk. The company has also been selling down in BW Group-backed product tanker giant Hafnia.
