BW Offshore has completed a bond sale worth $300m.
The Oslo-listed FPSO specialist said the notes mature in 2024 at a fixed interest of between 2% and 2.5%.
Its base target was $250m, but the BW Group offshoot said earlier on Tuesday this could be increased to $300m.
The initial conversion price will be set at a premium of between 35% and 40% to the average price on the Oslo Stock Exchange between opening and closing of trading on Tuesday.
The cash will be used to refinance existing debt and for general corporate purposes.
Interest-bearing debt was $999m at the end of the third quarter and total available liquidity amounted to $532m.
BNP Paribas and DNB Markets are acting as joint global coordinators and joint bookrunners.
BW Energy prepares for listing
The company also gave preliminary guidance on its third quarter performance, saying it expected to log revenue of $267m.
Third-quarter EBITDA will come in at around $162m.
The average commercial up-time for the FPSO fleet in the third quarter was 99.9%.
All its upstream assets, and those of parent BW Group, have now been transferred to the new BW Energy.
"BW Offshore is prepared to initiate the planned listing of BW Energy on the Oslo Stock Exchange subject to conducive market conditions," it said.
"Investor feedback to date has been encouraging."
The bond drive came less than a week after BW Offshore revealed that it aims to pursue a client for up to $23m in unpaid after an FPSO charter was cancelled.
Earlier this month, the company said Tamarind Resources had not extended a deal for the Umuroa unit off New Zealand which ends on 31 December.
It has assessed contractual hire "which is due but not paid" by Tamarind, it said.
"The assessment has identified uncertainties related to payment of outstanding overdue hire and payment of future hire until the termination date 31 December 2019," BW Offshore =added.
