Oaktree Sells 9.0M Shares of TORM plc in $285.8M Secondary Offering

Overview & Transaction Summary

On September 16, 2026, Oaktree Capital Holdings, LLC (along with affiliates OCM Njord Holdings S.à r.l. and Oaktree Capital Management GP, LLC) filed Amendment No. 24 to Schedule 13D disclosing a substantial secondary sale of Class A common shares of TORM plc.

• Transaction Date: September 14, 2026 (closed on September 16, 2026)
• Shares Sold: 9,000,000 Class A common shares
• Offering Price: $31.75 per share
• Gross Proceeds: $285,750,000
• Underwriter Option (Greenshoe): Granted J.P. Morgan Securities LLC a 30-day option to purchase up to an additional 1,350,000 Class A shares at $31.75 per share.
• Lock-Up: 60-day lock-up period ending on November 13, 2026.

Post-Transaction Beneficial Ownership

Following the completion of the 9,000,000 share block trade (excluding any exercise of the 1,350,000 share overallotment option):

• Aggregate Shares Retained: 11,329,874 Class A shares
• Beneficial Ownership Percentage: Approximately 11.06% (calculated against 102,421,267 total Class A shares outstanding as of September 14, 2026).
• Voting / Dispositive Power: Shared voting and dispositive power over all remaining 11,329,874 shares.

Market & Strategic Impact

1. Continued Sponsor Sell-Down: Oaktree has progressively monetized its long-held equity stake in TORM plc across multiple secondary transactions. This $285.8M divestment significantly reduces Oaktree's ownership footprint to ~11.06% (which could drop to ~9.74% if the greenshoe is fully exercised).
2. Increased Free Float: The release of 9.0M+ shares materially expands TORM plc's public float and trading liquidity.
3. Near-Term Supply Overhang Managed: The execution of a standard 60-day lock-up agreement through November 13, 2026 prevents further secondary selling from Oaktree in the immediate near term.