Russia's Alliance Oil collects holder consents to amend 9.875% notes

By Susanna Moon

Chicago, June 28 - Russia's Alliance Oil Co. Ltd. said it obtained the needed consents in the solicitation for its $350 million of 9.875% guaranteed notes due 2015.

Holders of $281,499,000, or 80.4%, of the outstanding principal amount of notes cast votes by the late instruction deadline of 5 a.m. ET on June 26.

Of the votes cast, 94.54% were in favor of amending the notes, and the measure passed at the noteholder meeting held June 28, according to a company press release. The consent solicitation began June 6.

As announced previously, the company solicited consents to amend the leverage covenant contained in the terms and conditions of the notes in order to conform them to the provisions of Alliance Oil's $500 million of 7% guaranteed notes due 2020.

Holders who delivered consents by the early deadline on June 19 will receive $3.50 per $1,000 principal amount of notes.

Those who delivered consents after the early deadline will receive $2.00 per $1,000 principal amount of notes.

Settlement will occur by July 3.

The solicitation agent was J.P. Morgan Securities plc (44 20 7134 3414 or emea_lm@jpmorgan.com). The tabulation agent was D.F. King & Co., Inc. (44 207 920 9700, 212 269-5550 or allianceoil@dfking.com).

Alliance Oil is based in Moscow.

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