John Fredriksen’s Ship Finance International has raised its sights in a notes offering.

The shipowner is now targeting $225m, a $25m increase on its initial ambitions when the offering was first announced.

Its new convertible notes will carry an interest rate of 5.75% per annum with maturity set for October 2021.

Cash from the offering will be used to repay existing notes and for other unspecified corporate purposes.

Jefferies,