LONDON (Bloomberg) — Golden Ocean Group, a commodities shipping line led by Norwegian billionaire John Fredriksen, plans to sell $200 million of bonds that can be converted into shares.

The unsecured bonds are expected to pay 3.125 percent to 3.625 percent a year, Bermuda-based Golden Ocean said in a statement to the Oslo stock exchange.

The money will be used to part-finance construction of new ships, the company said in the statement.