Athens: Star Bulk’s latest public offering of common shares has hit its target, raising net proceeds of $176m and grossing $180m.
The NASDAQ-listed carrier placed 56,250,000 common shares at a price of $3.20 per share in an offering that closed yesterday.
Of these shares, approximately 21,562,500 (with a gross aggregate value of $69m) were purchased by Star Bulk’s existing major shareholders Oaktree Capital Management, clients of Monarch Alternative Capital and entities affiliated with Star Bulk CEO Petros Pappas’ family.
On an as-adjusted basis following Star Bulk’s purchase of Excel Maritime Carriers, the purchase has increased Oaktree’s beneficial ownership of Star Bulk shares to 52.5%; Monarch’s ownership to 5.2% and the Pappas affiliates’ stake to 5.8%, the company said.
The net proceeds will be used to help fund the Athens-based company’s newbuilding programme. The carrier currently has 28 bulk carriers under construction, mostly in China, of which 19 are capesize, seven are ultramax and two are supramax.