Energy firm Premier Oil's trade-in offer for its convertible bonds due 2014 has met with a very strong response.
Holders representing 98.13% of the $250m of guaranteed convertible bonds due 2014 have elected to exchange their existing bonds for guaranteed convertible bonds due 2018.
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Following completion of the exchange offer, Premier is intending to exercise its right under the terms and conditions of the existing bonds to redeem the remaining $4.7m of bonds at par (redemption price) plus accrued interest.
JH
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