Star Bulk Carriers Announces Private Placement

Photo: Star Bulk Carriers Corp.

By Aiswarya Lakshmi

Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share.

The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes.

Oaktree Capital Management, L.P. and its affiliates and Senator Investment Group LP purchased 6,310,272 common shares in connection to this offering.

Giving effect to this offering, Oaktree and Senator are expected to beneficially own 51.4% and 6.5%, respectively, of the Company's outstanding common shares.

Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products.

Star Bulk will have a fleet of 72 vessels, with an aggregate capacity of 8.1 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt.

Feb 2, 2017

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