Important Amendments to Senior Secured Callable Bond Terms

Author: Olivia Taylor Updated: 06-18-2025 10:16 AM

Key Amendments to Senior Secured Callable Bond Terms

Interoil Exploration and Production ASA (the "Company") has made significant strides involving its senior secured callable bonds, identified by ISIN NO 001 0729908 (the "Bonds"). The Company has engaged Nordic Trustee AS to facilitate a bondholders' written resolution (the "Summons") to ensure a smooth transition through these changes.

Proposal for Interest Payment Settlement

The main goal of this upcoming written resolution is to gain approval for a critical adjustment regarding the settlement of the interest payment due on the Bonds on July 31, 2025 (the "July Interest Payment"). The proposed plan involves compensating bondholders in kind through a new issuance of additional Bonds, referred to as "July PIK Bonds." These new Bonds will mirror the terms and conditions of the outstanding Bonds, applying the same attractive interest rate of eight point fifty percent (8.50%).

Requests for Waivers

Alongside the interest payment amendments, the Company is requesting waivers on specific publication requirements outlined in the bond terms. Firstly, a request is made to amend Clause 13.2.1 paragraph (c), allowing for the postponement of financial statements publication for the year 2024 on the Company’s website. Secondly, a waiver is requested concerning Clause 13.2.1 paragraph (d), which mandates interim accounts for the first quarter of 2025 to be published within 60 days post-quarter. This flexibility aims to optimize the Company's financial reporting process.

Voting Process and Timeline

The proposed resolutions will proceed to a vote from the bondholders. A simple majority of the votes cast in favor of the proposed resolution will result in its approval, ensuring that these amendments are implemented efficiently. The voting period begins as soon as the Summons is issued and will run for ten business days, concluding at 5 PM Oslo time on July 3, 2025.

Background on Interoil Exploration and Production ASA

Interoil Exploration and Production ASA operates out of Norway and is listed on the Oslo Stock Exchange. The Company primarily focuses its efforts on exploration and production initiatives across Latin America. It holds licenses for several production and exploration assets in Colombia and Argentina, cementing its role as a key player in the region's oil and gas sector.

For any additional inquiries regarding the upcoming decisions or bond structures, stakeholders are encouraged to reach out via email at ir@interoil.no.

Frequently Asked Questions

What does the proposed amendment to the bond terms involve?

The amendment concerns the settlement of the interest payment on July 31, 2025, proposing the issuance of additional Bonds.

What is the interest rate on the newly proposed Bonds?

The new July PIK Bonds will carry the same interest rate of 8.50% as the outstanding Bonds.

What waivers is the Company requesting?

The Company seeks waivers for publishing financial statements and interim accounts within the usual deadlines stipulated in the bond terms.

How long will the voting period last?

The voting period is set for ten business days, ending at 5 PM Oslo time on July 3, 2025.

Where is Interoil Exploration and Production ASA headquartered?

The Company is headquartered in Oslo, Norway, and focuses on operations in Latin America.

About The Author

Olivia Taylor here, a 26-year-old writer and financial advisor. After earning a degree in finance, I worked in the sector for years. I've always loved numbers and had a talent for simplifying difficult financial ideas so that anyone could understand. I wrote my first book because of this passion; it helps readers take charge of their financial futures by fusing real-life stories with useful financial advice.

Whether they are just beginning their careers, preparing for significant life events, or seeking to invest wisely, my goal with my writing is to enable people to make educated financial decisions. The foundation of my work is the conviction that security and freedom of the individual are largely determined by financial literacy. To further financial education, I run workshops and frequently write for financial blogs in addition to my books.

I like to travel, experience other cultures, and find inspiration in daily life when I'm not writing or examining market trends. My passion is utilizing sound financial practices to help people reach their financial objectives and lead the best lives possible.

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