Interoil to call $20 million 9% bonds and NOK 100 million bonds

By Angela McDaniels

Tacoma, Wash., Aug. 23 - Interoil Exploration and Production ASA plans to redeem its $20 million of 9% bonds due June 2011 and NOK 100 million of bonds (ISIN 0010362809) at par plus accrued interest, according to a company news release.

The redemptions will be funded with the proceeds of a NOK 275 million to NOK 310 million issue of senior secured bonds, which is expected to be completed in September.

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.

Interoil is an Oslo-based exploration and production company.

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