PMP's turnaround strategy seems to have won investor approval, with its share price tripling and a bond raising being oversubscribed by 25%.

The print giant announced yesterday it had raised $50 million via an unsecured bond after setting a $40 million minimum when launching the offering on 9 October.

PMP expects the bond to improve its debt profile. The company ended the 2012-13 financial year with $89.1 million of net debt – down from $143.3 million the year before.

The $50 million that PMP has raised from investors will be passed along to its bankers. That will allow the company to extend its bank facilities from September 2014 to September 2015 and also diversify its funding sources, according to PMP.

The four-year bond has an interest rate of 8.75%, which compares favourably to PMP's recent borrowing rates.

According to PMP's annual report, the total costs of borrowing at 30 June 2013 – including capitalised borrowing fees, bank and other charges – was 12.92%. The previous year's figure was 8.61%.

[Related: Two PMP execs in ProPrint Power 50 shortlist]

A PMP spokesperson told ProPrint: "The company is encouraged by the support that it is receiving for its turnaround strategy. The company is still in the early days of recovery and management understands that there is still a lot of work to be done."

Chief executive Peter George said in a statement: "We are pleased with the strong investor demand for the bond and we see this as endorsement of PMP's strategic direction of transforming the company into a leaner, stronger and more competitive industry leader."

PMP's current share price is 42c, compared to 14c in January. Back then, a PMP shareholder and professional investor told ProPrint the company was "a sitting duck for a takeover", because its net asset value suggested the price should have been above 70c.

The investor said George had done an excellent job since becoming chief executive in October 2012. He added that George's performance was being recognised by the stock market.

He told ProPrint that PMP was no longer so vulnerable to a takeover – and that it had put itself in a position to eye up its own targets.

"Now that the market is starting to re-rate PMP it will be interesting to see if they use their paper to consolidate the industry by acquisition," he said.

George said in August that he expected the industry to "undergo rationalisation before achieving equilibrium".

[Related: Ups and downs of PMP]

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