InterOil requests bondholder approval of intercompany restructuring

By Tali David

Minneapolis, July 1 - InterOil Exploration & Production ASA requested bondholder approval for a change to the bond loan dated Sept. 8, 2010, according to a notice from trustee Norsk Tillitsmann ASA.

Under the current structure, InterOil Exploration & Production Latin America AS is the holding company for activities in both Columbia and Peru.

The bondholders will meet on July 17 to consider

• Restructuring InterOil Peru Holding ASA to be incorporated as a 100% owned subsidiary of InterOil and the holding company for the shares in InterOil Peru SA and North Oil Services SAC;

• The establishment of security interest in InterOil Peru Holding and InterOil Peru SA;

• Changing the definition of "subsidiaries" to include InterOil Peru Holding; and

• Changing the definition of "share charge" to align the bond agreement with a proposed share pledge in which InterOil and InterOil Peru Holding will use reasonable endeavors to establish a new pledge in favor of the bond trustee directly over InterOil Peru Holding's shares in InterOil Peru SA.

Bondholders will vote on the proposal at a meeting at 7 a.m. ET on July 17 in Oslo.

In order to have a quorum, at least half of the bonds must be represented at the meeting. In order for it to pass, the holders of at least two-thirds of the bonds represented at the meeting must vote in favor of the proposal.

InterOil is an Oslo-based exploration and production company.

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