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Oaktree's Marks and Karsh eye $80m payday

May 22, 2013 - Private Equity International

Distressed debt specialist Oaktree Capital Management filed to raise up to $367 million in a secondary offering Monday, a move that will deliver up to $79.9 million each to co-founders Howard Marks and Bruce Karsh.

NYSE-listed Oaktree based the offering totals off a price per share of $54.71. At the close of business on Tuesday, the Los Angeles-headquartered firm was trading at $55.62 per share. Marks and Karsh will be able to sell down their stakes from 14.4 percent each to a minimum of 1...