Oaktree Capital Management

Eagle Bulk Shipping Inc. Purchases Oaktree Capital Stake in Company

Retrieved on: 
Thursday, June 22, 2023

STAMFORD, Conn., June 22, 2023 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (NYSE: EGLE) (“Eagle Bulk”, “Eagle”, or the “Company”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, today announced that its Board of Directors has approved an agreement with Oaktree Capital Management (“Oaktree”) and certain of its affiliates pursuant to which Eagle has repurchased approximately 3.8 million shares of Eagle common stock, representing Oaktree’s entire stock ownership of approximately 28% in the Company, for an aggregate purchase price of approximately $219.3 million.

Key Points: 
  • STAMFORD, Conn., June 22, 2023 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (NYSE: EGLE) (“Eagle Bulk”, “Eagle”, or the “Company”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, today announced that its Board of Directors has approved an agreement with Oaktree Capital Management (“Oaktree”) and certain of its affiliates pursuant to which Eagle has repurchased approximately 3.8 million shares of Eagle common stock, representing Oaktree’s entire stock ownership of approximately 28% in the Company, for an aggregate purchase price of approximately $219.3 million.
  • Oaktree became a shareholder in Eagle Bulk in October 2014.
  • Additionally, the Company announced that its Board of Directors has unanimously adopted a limited duration shareholder rights plan (the “Rights Plan”).
  • Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor to the Company.

L Catterton Appoints Peter Chang as Managing Partner and Co-Head of Private Credit

Retrieved on: 
Thursday, June 22, 2023

GREENWICH, Conn., June 22, 2023 /PRNewswire/ -- L Catterton, a leading global consumer-focused investment firm, today announced the appointment of Peter Chang as Managing Partner and Co-Head of Private Credit.

Key Points: 
  • GREENWICH, Conn., June 22, 2023 /PRNewswire/ -- L Catterton, a leading global consumer-focused investment firm, today announced the appointment of Peter Chang as Managing Partner and Co-Head of Private Credit.
  • Together with Shahab Rashid, who joined L Catterton last year to launch the Private Credit platform, Mr. Chang will co-lead the firm's direct lending strategy, which provides flexible debt solutions to private equity-backed, middle-market companies.
  • Mr. Chang joins L Catterton after 18 years at Oaktree, most recently as Co-Portfolio Manager, Managing Director, and SBIC Principal in the U.S.
  • L Catterton launched its Private Credit strategy in 2022, and the firm has now expanded its Private Credit team to nine investment professionals with extensive experience in the global alternative credit space.

Greywolf Capital Management Announces Close of Greywolf Containership Opportunities Fund II, a Specialized Maritime Strategy

Retrieved on: 
Thursday, June 15, 2023

Greywolf Capital Management LP (“Greywolf” or the “Firm”), a Purchase, New York-based alternative asset manager with approximately $4 billion in assets under management, today announced the final close of its Greywolf Containership Opportunities Fund II (the “Fund”) with approximately $120 million of committed capital.

Key Points: 
  • Greywolf Capital Management LP (“Greywolf” or the “Firm”), a Purchase, New York-based alternative asset manager with approximately $4 billion in assets under management, today announced the final close of its Greywolf Containership Opportunities Fund II (the “Fund”) with approximately $120 million of committed capital.
  • The raise builds on a strategy initially launched with its predecessor fund, Greywolf Containership Opportunities Fund I, which held its final close in December 2020.
  • The Fund brings Greywolf’s total capital commitments dedicated to maritime strategies to approximately $330 million.
  • “Briarcliffe was pleased for the opportunity to partner with Greywolf for its fundraise,” Jess Larsen, Founder & CEO of Briarcliffe, said.

Garrett Motion Converts Series A Preferred Stock Into Common Stock

Retrieved on: 
Tuesday, June 13, 2023

“It will also enable the Company to engage more effectively with the investment community with greater liquidity and a normalized capital structure.”

Key Points: 
  • “It will also enable the Company to engage more effectively with the investment community with greater liquidity and a normalized capital structure.”
    Effective after the close of market on June 12, 2023, trading of the Series A Preferred Stock on Nasdaq was suspended, and each holder of shares of Series A Preferred Stock as of the conversion was deemed to hold one share of Garrett’s Common Stock (Nasdaq: GTX) for each share of Series A Preferred Stock previously held.
  • Additionally, on or prior to June 20, 2023, all holders of the Series A Preferred Stock as of the conversion will receive, in respect of each share of Series A Preferred Stock held immediately prior to the conversion, a payment of the accrued and unpaid dividends on the Series A Preferred Stock through June 30, 2023, plus an additional amount that represents the dividends that would have accrued on the Series A Preferred Stock through September 30, 2023.
  • In the aggregate, this additional payment per share of Series A Preferred Stock will be comprised of $0.144375 in cash, and approximately 0.104379 shares of Common Stock (representing $0.853509 in accrued and unpaid dividends per share of Common Stock, valued at $8.177 per share), subject to adjustment to avoid the issuance of fractional shares of Common Stock.
  • As a result of the conversion, Garrett will have one class of shares outstanding, the Common Stock, and an enhanced cash flow profile from the elimination of the 11% Series A Preferred Stock dividend.

Redwood Trust and Oaktree Announce Joint Venture to Invest in Business Purpose Bridge Loans

Retrieved on: 
Monday, June 12, 2023

Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today announced the formal launch of a joint venture (“JV”) between Redwood and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to invest in business purpose bridge loans originated by CoreVest American Finance Lender (“CoreVest”), a division of Redwood.

Key Points: 
  • Redwood Trust, Inc. (NYSE: RWT; “Redwood” or the “Company”), a leader in expanding access to housing for homebuyers and renters, today announced the formal launch of a joint venture (“JV”) between Redwood and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) to invest in business purpose bridge loans originated by CoreVest American Finance Lender (“CoreVest”), a division of Redwood.
  • Total equity commitment to the JV – funded 80% by Oaktree and 20% by Redwood – has the potential to finance over $1 billion of newly-originated bridge loans, inclusive of proceeds from secured financing.
  • “We continue to see immense opportunity for our bridge lending platform, particularly as other lenders reduce their footprint.
  • Housing affordability is top of mind for many Americans, and this partnership creates opportunity for Oaktree to invest alongside a top-tier business purpose lender while supporting new and improved housing stock.”
    The JV is designed to purchase the various types of bridge loans that CoreVest originates, including multifamily bridge, build-for-rent and single-asset bridge loans, and may invest opportunistically in loans sourced from third parties.

Gateway Group Expands Service Offerings with Launch of Branding & Creative Practice

Retrieved on: 
Thursday, June 8, 2023

NEWPORT BEACH, Calif., June 08, 2023 (GLOBE NEWSWIRE) -- Gateway Group (“Gateway”), a full-service, strategic financial communications firm, today announced an expansion of its service offerings with the launch of a Branding & Creative practice to help its clients elevate their brands.

Key Points: 
  • NEWPORT BEACH, Calif., June 08, 2023 (GLOBE NEWSWIRE) -- Gateway Group (“Gateway”), a full-service, strategic financial communications firm, today announced an expansion of its service offerings with the launch of a Branding & Creative practice to help its clients elevate their brands.
  • From reimagining investor presentations and websites to ongoing brand asset development, Gateway provides its clients a comprehensive creative offering that helps engage audiences.
  • Gateway’s Branding & Creative services include:
    Digital Design (Web and Email Marketing, Video)
    “A wide-ranging client base like ours comes with a broad set of communications needs,” said Gateway President Scott Liolios.
  • We look forward to our Branding & Creative practice helping our clients build their brand reputation and magnify the value of the work they are doing each day.”
    Gateway’s Branding & Creative practice is led by David Walsh , a creative executive with more than 15 years of experience in print and digital design, video and branding.

Paratek Pharmaceuticals to be Acquired by Gurnet Point Capital and Novo Holdings

Retrieved on: 
Tuesday, June 6, 2023

BOSTON and CAMBRIDGE, Mass., June 06, 2023 (GLOBE NEWSWIRE) -- Paratek Pharmaceuticals, Inc. (“Paratek”) (Nasdaq: PRTK), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel therapies for life-threatening diseases and other public health threats, today announced it has entered into a definitive agreement to be acquired by Gurnet Point Capital (“Gurnet Point”) and Novo Holdings A/S (“Novo Holdings”) in a transaction valued at approximately $462 million, including the assumption of debt and assuming full payment of a Contingent Value Right (CVR). Debt financing of $175 million for this transaction will be provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”).

Key Points: 
  • Debt financing of $175 million for this transaction will be provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”).
  • “Today’s announcement is a testament to all we’ve accomplished at Paratek over the past several years.
  • Moelis & Company LLC acted as the exclusive financial advisor to Paratek Pharmaceuticals, and Ropes & Gray LLP is serving as legal advisor.
  • Lazard acted as the exclusive financial advisor to Gurnet Point Capital, and Latham & Watkins LLP is serving as legal advisor.

TerraStor Announces Fred E. Reed, Jr. as Chief Commercial Officer

Retrieved on: 
Thursday, June 8, 2023

TerraStor Energy Corporation ("TerraStor" or the "Company") today announced the addition of Fred E. Reed, Jr. to its founding executive team as TerraStor’s Co-founder and Chief Commercial Officer.

Key Points: 
  • TerraStor Energy Corporation ("TerraStor" or the "Company") today announced the addition of Fred E. Reed, Jr. to its founding executive team as TerraStor’s Co-founder and Chief Commercial Officer.
  • Fred’s extensive experience in power development, construction, finance, and operations perfectly complements that of our team.
  • Prior to joining TerraStor, Mr. Reed served as a senior advisor to Oaktree Capital since 2014 and Highstar Capital since 2003.
  • TerraStor enables electrical grids to achieve 100% renewable penetration by developing grid-scale, long-duration energy storage systems.

The Trough Sandwich Kitchen & Maldon’s Bistro Become Latest Eateries to Make Debut at Award-Winning Eighteen Main & Centerview in Irvine

Retrieved on: 
Wednesday, May 10, 2023

The Trough joins Goldfinch , Izakaya Osen , KIT Coffee , SOL Mexican Cocina , Maldon’s Bistro and award-winning Porch & Swing , at Centerview.

Key Points: 
  • The Trough joins Goldfinch , Izakaya Osen , KIT Coffee , SOL Mexican Cocina , Maldon’s Bistro and award-winning Porch & Swing , at Centerview.
  • The Trough, known for its fresh specialty sandwiches, bowls, and breakfast burritos, is The Blind Pig Restaurant Group’s fifth eatery in Orange County.
  • “We are thrilled to welcome The Trough and Maldon’s Bistro to our curated mix of dining options at Eighteen Main and Centerview,” said Justin Nguyen, vice president, asset management, EMMES Realty Services of California, LLC.
  • We have been successful in attracting businesses and employees to Centerview with our award-winning and convenient amenities.”

Seres Therapeutics Reports First Quarter 2023 Financial Results and Provides Business Updates

Retrieved on: 
Tuesday, May 9, 2023

Seres Therapeutics, Inc. (Nasdaq: MCRB), a leading microbiome therapeutics company, today reported first quarter 2023 financial results and provided business updates.

Key Points: 
  • Seres Therapeutics, Inc. (Nasdaq: MCRB), a leading microbiome therapeutics company, today reported first quarter 2023 financial results and provided business updates.
  • Included in the first quarter 2023 R&D expenses of $44 million is approximately $16 million of commercial manufacturing costs for VOWST.
  • Seres ended the first quarter of 2023 with $106.5 million in cash, cash equivalents and investments as compared with $181.3 million at the end of 2022.
  • To report SUSPECTED ADVERSE REACTIONS, contact Aimmune Therapeutics at 1-833-AIM-2KNO (1-833-246-2566), or the FDA at 1-800-FDA-1088, or visit www.fda.gov/MedWatch .