Torm Shares Down After Secondary Offering Commences

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Torm Plc shares fell on Thursday after a secondary public offering of five million of its common shares was initiated by shareholder OCM Njord Holdings Sarl, a Luxembourg-based shipping group indirectly owned by funds managed by Oaktree Capital Management LP and its affiliates.

Torm said OCM Njord beneficially owned 65% of Torm shares prior to this offering and expects to grant the underwriters a 30-day option to buy up to an additional 750,000 shares.

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