Interoil holders approve waiver, extension of NOK 310 million bonds

By Susanna Moon

Chicago, March 4 - Interoil Exploration and Production ASA said it obtained approval from bondholders needed to obtain waivers and an extension for its NOK 310 million of bonds related to its ongoing refinancing.

The company received 97.35% of the votes cast at a bondholder meeting on March 4, and there were enough holders present to form a quorum, according to a company press release.

The company proposed the following changes to the bonds in a press release on Feb. 15:

• Extending the bond's maturity to March 2016;

• Adding a new call structure due to the extended duration;

• Canceling the amortization in March 2013; and

• Other changes required "to align the bond loan agreement to the current situation in the company and enable implementation of the cost cutting program," according to the previous press release.

The proposal was structured and based on feedback from investors and bondholders in connection with the company's ongoing refinancing, the release noted.

The changes will be conditioned on completing the proposed equity issue, which needs approval for shareholders at a meeting to be held on March 5.

Interoil is an Oslo-based exploration and production company.

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