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Oaktree Backstops Equity Rights Offering for Star Bulk Carriers Corp.
- Client News
- May 2, 2013
Practices
Star Bulk Carriers Corp. announced that its Board of Directors has approved a backstopped equity rights offering that will allow the company to raise equity capital through the sale of its common shares. Paul, Weiss represented investment funds managed by Oaktree Capital Management L.P., which is backstopping the offering along with other investment funds and certain existing shareholders, directors and executive officers of Star Bulk.
The proceeds of $75 million are expected to be primarily used for orders for fuel-efficient dry bulk vessels with some of the proceeds being reserved for working capital and general corporate purposes.
The Paul, Weiss team included corporate partners Neil Goldman and Kenneth Schneider and counsel Didier Malaquin; litigation partner Andrew Finch; and tax partner Richard Bronstein.