Premier Oil PLC Mandatory Conversion: remaining Convertible Bonds (2319W)
31 July 2018 - 4:01PM
UK Regulatory
TIDMPMO
RNS Number : 2319W
Premier Oil PLC
31 July 2018
PREMIER OIL PLC
("Premier" or "the Group")
Mandatory Conversion of remaining Convertible Bonds
31 July 2018
Premier announces that its wholly-owned subsidiary Premier Oil
Finance (Jersey) Limited ("POFJ") intends to exercise the mandatory
conversion option in its 2.5 per cent Guaranteed Convertible Bonds
due 2022 (the "Bonds"). The exercise of such option will
automatically and mandatorily convert all of the $28.772 million
outstanding Bonds into approximately 31.4 million new ordinary
shares of Premier. POFJ has delivered a notice (the "Mandatory
Conversion Option Notice") to holders of the Bonds to confirm the
exercise of such option and the actions that need to be undertaken
by bondholders in respect of the mandatory conversion.
Post the mandatory conversion the Group will have no convertible
bonds outstanding. The transaction will further reduce debt in line
with Premier's current stated objective.
Enquiries
Premier Oil plc Tel: 020 7730 1111
Tony Durrant, Chief Executive
Richard Rose, Finance Director
Camarco Tel: 020 3757 4980
Billy Clegg
Georgia Edmonds
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END
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