Star Bulk Carriers plans rights offering to fund for Eco-design newbuilding bulkers.
The Greek owner said it will raise around $75m from issuance of new stocks backstopped by investment funds led by Oaktree Capital and by a number of existing investors and executives.
The purpose of fund raising is to invest in fuel-efficient newbuildings, while some of funds will be used for working capital and general corporate purposes, Star Bulk said.
After review by the Securities and Exchange Commission, the Nasdaq-listed owner intends to launch the offering during the second quarter of 2013.