Bermuda-based Ship Finance International Ltd. has announced the successful completion of $125 million senior convertible bonds due in 2016.The bonds were marketed with an annual coupon range of 3.75 percent to 4.25 percent and with a conversion premium range of 30 to 35 percent above the closing price of the company’s common stock on the New York Stock Exchange on February 1, 2011.The transaction was significantly oversubscribed and the bonds were priced at an annual coupon of 3.75 percent.The initial conversion price was set at $27.05 or 35 percent above the closing price of the company’s common stock on the New York Stock Exchange on February 1, 2011.The bonds will be issued and redeemed at 100 percent of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature in February 2016.The coupon is payable semi-annually in arrears.Ship Finance will have the right to call the bonds after three years plus 21 days, if the value of the Ship Finance shares underlying one bond on the New York Stock Exchange exceeds, for a specified period of time, 130 percent of the principal amount of the bond.Settlement is expected shortly.Ship Finance may decide to list the bonds on an exchange at a later stage.The proceeds from the bonds will be used for new investments and general corporate purposes.ABG Sundal Collier, BNP Paribas and SEB Enskilda acted as joint lead managers and joint bookrunners, and Carnegie acted as co-lead manager.