Ship Finance Eyes USD 150 Mn in Note Offering
- Business & Finance
Bermuda-based Ship Finance International Limited is looking to raise USD 150 million through a public offering of senior notes due 2023.
The company said that the transaction is subject to market and other conditions. The notes will pay interest quarterly in arrears and will be convertible into cash, common shares, or a combination of the two.
Ship Finance added that the underwriters would have an option to purchase up to an additional USD 22.5 million of notes to cover over-allotments.
Net proceeds from the offering would be used for general corporate purposes, including working capital.
In mid-March, the company reached an agreement to acquire fifteen feeder-size container vessels, ranging from 1,100 TEU to 4,400 TEU, and disposed of a 1,700 TEU boxship.
The fifteen units were to be acquired in combination with long-term bareboat charters to an undisclosed container line.