Norway's Interoil to sell NOK 310 million maximum notes in September

By Paul A. Harris

St. Louis, Aug. 23 - Norway's Interoil Exploration and Production ASA plans to sell between NOK 275 million and NOK 310 million of senior secured bonds in September, according to a company press release issued on Monday.

Pareto Securities AS and SEB Merchant Banking AB are the advisers for the bond offering.

Proceeds will be used to redeem $20 million and NOK 100 million of the company's bonds.

The company intends to call a meeting of 9% bondholders about the early redemption shortly.

The redemptions are part of Interoil's financial restructuring plan. The company said the plan will allow it to repay all bondholders, other creditors and refinancing fees and improve its working capital.

The bond sale is contingent upon the successful private placement 90 million shares, by which the company hopes to raise between NOK 300 million and NOK 450 million.

Interoil is an Oslo, Norway-based energy exploration and production company.

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