JSE-listed Impala Platinum (Implats) will convert $249.8-million of its $250-million 3.25% convertible bonds due in 2022, to shares.
Implats earlier this month invited bondholders to exercise their conversion rights.
Following the conversion of the bonds, $200 000 of the aggregate principal amount of the bonds originally issued will remain outstanding.
The company on Wednesday said it would make reasonable endeavours to accept, for conversion, the outstanding bond amount if a conversion notice is received by July 31.
Implats earlier this month said the optimisation of its balance sheet through a reduction and restructuring of its existing debt was a key pillar of its strategy to reposition the company as a profitable, sustainable and competitive business with clear capital allocation priorities and, ultimately, a return to a dividend paying position.
"Rising rand platinum group metal pricing and the reported improvement in operational delivery at Implats has had the dual benefit of both improving free cash flow generation and substantial share-price appreciation.
“This has allowed us to contemplate taking bold steps to accelerate our capital allocation priorities by taking advantage of market conditions to reduce a material debt obligation at the group,” Implats CEO Nico Muller said at the time.