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Aegean Marine Petroleum Network Inc. has announced that it intends to offer $100 million in convertible senior notes due in 2021 in a private offering to institutional buyers.

The bunker firm also expects to grant the initial purchasers of the notes a 30-day option to buy up to an additional $15 million in convertible senior notes in connection with the offering.

According to Aegean, the notes are expected to pay interest semiannually in arrears, have a term of five years, and will be convertible into shares of the company's common stock, cash, or a combination of shares and cash, at the company's election.

Aegean intends to use approximately $40 million of the net proceeds from the sale of the notes to repay a portion of the outstanding short-term indebtedness under its 2013 secured multicurrency revolving credit facility, and the remainder for general corporate purposes and working capital, which may include the funding of growth opportunities and the repurchase in the open market of a portion of the company's outstanding 4.00% convertible unsecured senior notes due in 2018.