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InterOil Exploration avoids default on two series of unsecured bonds
By Jennifer Chiou
New York, Jan. 29 - InterOil Exploration and Production ASA announced that at its Thursday meetings for holders of two series of its unsecured bonds, no events of default were declared on the securities.
Prior to the voting procedures, InterOil said it presented an offer to the bondholders whereby it will pay default interest from and including Jan. 28 until the bonds are repaid in full.
In return, the bond issues must continue to support the company's efforts to sell assets and refinance debt, and holders will refrain from declaring the bonds in default.
The company said that for the bonds with ISIN NO001032535.0, there were sufficient bondholders present at the meeting to form a quorum. InterOil said that the proposed resolution was not adopted after it obtained approval from only 33.26% of the votes.
An event of default, however, will not be declared.
A quorum was not reached for the bond issue with ISIN NO001036280.9 and no valid resolution was made. Based on the voluntary offer extended by the company, however, it said that the proposed resolution obtained 16.33% of the votes.
While the proposal was not adopted by these bondholders, InterOil said that an event of default will not be declared.
As a result, the company said that the bonds will not be accelerated and it will pay default interest from Jan. 28.
Questions may be directed to Fredrik von Zernichow, investor relation manager, at 47 6751 8661 or f.zernichow@interoil.no.
The company said it is continuing ongoing efforts to sell assets and/or refinance its debt in order to repay all creditors.
InterOil is an Oslo-based exploration and production company.
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