Interoil Exploration gets 2026 bondholder approval for PIK coupon

By Marisa Wong

Los Angeles, Jan. 30 – Interoil Exploration and Production ASA announced the success of its written resolution for its 7½% senior secured callable bonds, issue 2015/2016 (ISIN: NO0010729908).

Interoil had requested on Jan. 17 that Nordic Trustee AS summon for a bondholders’ written resolution. The purpose of the written resolution was to approve a proposal to amend the bond terms regarding the settlement of the interest payment on the bonds due on Jan. 31.

The company wished to settle the full January interest payment in kind by issuing and delivering additional bonds with terms and conditions substantially equal to those of the outstanding bonds and the same interest rate as the outstanding bonds at a rate of 8½%.

The proposal was adopted according to the voting requirements of the bonds’ terms, and the bond trustee is now authorized to take the necessary actions to implement the proposal, according to a notice published Tuesday.

To pass, the proposed resolution required a simple majority of the voting bonds to vote in favor of the proposed resolution.

The voting period was set to expire at 11 a.m. ET on Jan. 31, which is 10 business days after the date of the summons.

The company said previously that further questions could be directed to the company at ir@interoil.no.

Interoil is an Oslo-based exploration and production company with assets in Colombia and Argentina.

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