Rapidly growing Star Bulk Carriers is aiming to raise $50m from a bond issue.

The Nasdaq-listed shipowner is issuing Senior Notes due in 2019 with an annual interest rate of 8%.

Underwriters have been granted a 30-day option for up to a further $7.5m in notes. The company said proceeds from issue would be used for general corporate purposes.

The offer is expected to close on 6 November.

Morgan Stanley, Stifel, Jefferies LLC and Deutsche Bank Securities are acting as joint book-running managers for the offering.