Not an Easy Sale – TORM Equity Offering Gets More Challenging

Back in April, TORM announced a rights offering of $100 million. Subsequently, as part of the amendment of its revolving credit facility which extended the maturity from 2013 to 2015, the company agreed to inject the $100 million of cash equity by mid-December 2011 at the latest. If possible, the capital markets have become even more volatile making such an offering challenging at best.

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