Oaktree Capital Management, L.P. (“Oaktree”), Angelo, Gordon & Co. (“Angelo, Gordon”), Monarch Alternative Capital, LP (“Monarch”) and family members and entities owned and controlled by affiliates of the family of Mr. Petros Pappas, our Chief Executive Officer (the “Pappas Shareholders”), which are four of the Company’s significant shareholders, are expected to purchase approximately 37,250,418 of the common shares in this offering. On an as-adjusted basis, giving effect to this offering and assuming all 29,917,312 common shares comprising the share consideration issued to Excel Maritime Carriers Ltd. (“Excel”), pursuant to the Vessel Purchase Agreement by and among the Company, Excel and Christine Shipco Holdings Corp., dated August 19, 2014, are distributed by Excel to its equity holders, Oaktree, Angelo, Gordon, Monarch the Pappas Shareholders would beneficially own approximately 58.0\%, 5.9\%, 5.9\% and 7.8\%, respectively, of our outstanding common shares (or approximately 57.4\%, 5.8\%, 5.8\% and 7.8\%, respectively, of our outstanding common shares if the underwriters exercise their option in full).
Jefferies LLC and Morgan Stanley & Co. are acting as joint book-running managers for the offering. ABN Amro N.V., Credit Agricole Corporate and Investment Bank, DNB ASA and DVB Bank SE are acting as co-managers for the offering. The underwriters have a 30-day option to purchase up to an additional 1,762,500 common shares.
Source: Star Bulk Carriers Corp.
