secwatch.observer — SEC 8-K summary
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Issuer:     Eagle Bulk Shipping Inc. (—)
CIK:        0001322439
Form:       8-K
Filed at:   2023-06-23T23:59:59+00:00
Accession:  0001193125-23-172825
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Eagle Bulk repurchases Oaktree's 28% stake (~3.8M shares) for $219.3M, adopts 1-year poison pill with 15% trigger
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- Repurchased 3,781,561 shares from Oaktree at $58.00/share, a ~16% discount to adjusted NAV per share.
- Oaktree's entire ~28% stake eliminated; outstanding shares reduced to ~9.3 million.
- Transaction funded by $125M revolver drawdown and $75M term loan draw (both under existing credit facility).
- Board adopted a shareholder rights plan effective June 22, 2023, expiring June 22, 2024 unless extended by shareholders.
- Rights become exercisable if a person/group acquires 15% or more of common stock without Board approval.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1322439/000119312523172825/0001193125-23-172825-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1322439/000119312523172825/d515532d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-172825

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