InterOil redeems $20 million 9% bonds and NOK 100 million bonds

By Susanna Moon

Chicago, Oct. 7 - InterOil Exploration and Production ASA said it redeemed its $20 million of 9% bonds due June 2011 and NOK 100 million of bonds at par plus accrued interest.

The redemptions were funded with proceeds from the company's NOK 310 million of 15% senior secured bonds due April 6, 2014, which was approved by trustee Norsk Tillitsmann, according to a company press release.

The company said on Aug. 23 that it would call the bonds, noting the redemptions were part of its 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.

InterOil is an Oslo-based exploration and production company.

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