LONDON (Bloomberg) — Golden Ocean Group Ltd., a commodity shipping line that warned last month it was running out of cash, said its largest shareholder paid at least $40 million for an issue of convertible bonds at 30 percent of their face value.

Hemen Holding Ltd., controlled by Norwegian billionaire John Fredriksen, bought a minimum two-thirds of the outstanding 3.625 percent convertible bonds, plus interest accrued, Bermuda-based Golden Ocean said yesterday in a statement distributed by Hugin.

Golden Ocean said on Wednesday there were 2,000 of the outstanding notes, each with a face value of $100,000. The shipping line said February 26 it would likely run out of cash this month and entered talks with lenders.