New York-listed Ship Finance International Limited revealed its plans to offer USD 200 million aggregate principal amount of Convertible Senior Notes due 2021.
Net proceeds from the offering would be used for general corporate purposes, including working capital and the repurchase of all or a portion of its existing 3.25% convertible notes.
The notes will pay interest quarterly in arrears, have a term of five years, and will be convertible into the company’s common shares.
Upon conversion, Ship Finance will pay or deliver its common shares, or a combination of cash and the common shares, at the company’s election.
Jefferies LLC, ABG Sundal Collier, Inc. and Morgan Stanley & Co. LLC will act as underwriters, Seaport Global Securities LLC and Clarksons Platou Securities, Inc. will act as co-managers, for the offering of the notes.
Ship Finance International’s fleet of more than 70 vessels is split between tankers, bulkers, container vessels and offshore assets.