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InterOil seeks bondholder consent to extend maturity of 12½% bonds
By Angela McDaniels
Tacoma, Wash., March 22 - InterOil Exploration & Production ASA is seeking to push back the maturity date of its NOK 100 million 12½% senior unsecured callable bonds due March 29, 2010 to May 31, 2010, according to a company news release.
The company will ask bondholders to approve the postponement and other changes to the loan agreement at a meeting at 7 a.m. ET on April 6 in Oslo. The date of the meeting was chosen to accommodate the Easter holidays.
According to the meeting summons sent to bondholders, the company is not in a position to repay the bonds until a refinancing transaction is in place. InterOil expects to have a refinancing in place by May 31 but not before the scheduled maturity of the bonds.
In order for the resolution to pass, holders of at least half of the bonds must be represented at the meeting, and holders of at least two-thirds of the bonds represented at the meeting must vote in favor of the resolution.
Bondholders who wish to attend the meeting, either in person or by proxy, should notify trustee Norsk Tillitsmann ASA by 10 a.m. ET on April 5.
As previously reported, bondholders approved in February the proposal by Norsk Tillitsmann to file a petition for bankruptcy.
The trustee's enforcement proceedings were dismissed, but it said it will appeal.
InterOil said previously it would dispute any future filing for bankruptcy on the grounds that the value of its assets far exceeds its total debt.
For more information on the resolution, bondholders may contact Kristen Jakobsen (+47 915 48 408), who is acting as the financial adviser for InterOil.
InterOil is an Oslo-based exploration and production company.
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