Interoil holds meeting for waiver, extension of NOK 310 million bonds

By Susanna Moon

Chicago, Feb. 15 - Interoil Exploration and Production ASA said it is calling for a bondholder meeting to obtain waivers and an extension for its NOK 310 million of bonds related to its ongoing refinancing.

The company is proposing the following changes to the bonds:

• 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 a company press release.

The proposal is 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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