Russia's Alliance Oil solicits consents from holders of 9.875% notes

By Jennifer Chiou

New York, June 6 - Russia's Alliance Oil Co. Ltd. announced the start of its consent solicitation for its $350 million of 9.875% guaranteed notes due 2015.

The company is soliciting 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.

The company will hold a noteholder meeting on June 28.

Those who deliver consents prior to the early deadline on June 19 will receive $3.50 per $1,000 principal amount of notes.

Those who deliver consents after that time but prior to the June 26 final deadline will receive $2.00 per $1,000 principal amount of notes.

The solicitation agent is J.P. Morgan Securities plc (44 20 7134 3414 or emea_lm@jpmorgan.com). The tabulation agent is 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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