Athens-based shipowner Diana Shipping has priced its USD 100 million private placement of senior unsecured bonds.
The company said that the bonds are maturing in September 2023 and are callable beginning three years after issuance. The bond offering was priced with a US dollar fixed-rate coupon of 9.50%.
Diana Shipping added that it may issue up to USD 25 million of further bonds on one or more occasions.
Interest will be payable semi-annually in arrears in March and September of each year, the company said, adding that it will apply for listing of the bonds on the Oslo Stock Exchange.
The offering is expected to close on September 27, 2018, subject to customary closing conditions.
The net proceeds from the bonds are to be used to redeem all of the company’s 8.5% Senior Notes due 2020 pursuant to the terms of such notes, in an aggregate principal amount of USD 63.25 million, and to prepay other debt of the company or for general corporate purposes.