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InterOil Exploration & Production seeks consent to postpone May 2 payment on floaters
By Angela McDaniels
Tacoma, Wash., April 28 - InterOil Exploration & Production ASA is seeking bondholder approval to postpone the upcoming $10 million installment payment on its $115 million floating-rate senior secured callable and putable bonds due 2012 to June 2 from May 2, according to a company news release.
If the postponement is approved, the price for the installment payment will be increased to 102.5% of par from par.
InterOil plans to use the proceeds from the farm-out of one of its West African assets to fund the $10 million payment, and discussions about the transaction are taking longer than expected. The company said it is agreed, however, that the formal written agreement will be signed in the next week.
Bondholders will vote on the postponement at a meeting in Oslo on May 7.
In order for the proposal to pass, at least half of the principal amount of bonds must be represented at the meeting and it must be approved by two-thirds of the notes' principal amount represented at the meeting.
Pareto Securities AS (+47 22 87 87 70) is acting as financial adviser in connection with the proposal.
InterOil Exploration & Production is an Oslo-based exploration and production company.
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