Greek tanker player Performance Shipping is looking to expand its fleet following a $100m raise on the Nordic bond market.

The NASDAQ-listed company said proceeds from the raise will either go for tanker acquisitions or bond repurchases.

An application will be made for the bonds to be listed on the Oslo Stock Exchange. The new bonds are due to mature in July 2029 and will pay a fixed coupon of 9.875% per annum, payable semi-annually in arrears and were priced at 97% of par.

The bonds are secured in part by first priority mortgages over the company’s two oldest tanker vessels, which are presently unencumbered.