Technology Enhanced Oil hikes conversion price on 6% convertibles

By Marisa Wong

Morgantown, W.Va., Nov. 16 – Technology Enhanced Oil plc announced it adjusted the conversion price for its 6% mandatory convertible bonds due 2022.

The conversion price was increased to $403.10 per ordinary share from $303.10 per ordinary share.

The adjustment was triggered by the issuance of additional bonds. The company priced a sixth tranche of the 6% convertibles due 2022 on Nov. 7.

The latest $20 million tranche will be consolidated and form a single series with the existing five tranches, totaling $60.62 million, sold between January 2016 and April 2017.

London-based Technology Enhanced Oil is an independent oil producer and a member of the Iskandia Energy Group.

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