Source - SMW
Premier Oil said a significant majority of convertible bond holders had accepted an invitation to exchange their holdings into shares in the company.

Some 87.5%, or $205.79 million of the $235.2 million convertible bonds outstanding, had been accepted for early conversion, the company said.

The incentive amount for the exchange was fixed at $50 per $1,000 of the bonds compared to the invitation range of $30-60 per $1,000.

The dilution as a result of the incentive shares represented less than 1% of the enlarged share capital of the company, Premier Oil said.

"Against a background of rising oil prices and strong corporate performance, we believe that the accelerated conversion programme offers the benefits of further debt reduction and increased stability in our capital base," chief executive Tony Durrant said.

At 1:18pm: (LON:PMO) Premier Oil PLC share price was -3.02p at 96.73p