SOURCE: Venoco, Inc.

Venoco, Inc.

June 16, 2015 17:28 ET

Venoco, Inc. Announces Refinancing of $75,000,000 Senior Term Loan

DENVER, CO--(Marketwired - June 16, 2015) - Venoco, Inc. ("Venoco", the "company", "we", or "us") announced today that it entered into a new $75,000,000 term loan facility (the "new facility") with Deutsche Bank AG. The new facility was fully drawn at closing, and matures in December, 2017, subject to acceleration in certain circumstances. The company used the proceeds from the new facility to repay all amounts outstanding under its prior term loan facility entered into in April, 2015 (the "prior facility"), and the prior facility was then terminated. Amounts borrowed under the new facility will bear interest at LIBOR plus 4.0% per annum.

"This loan is yet another successful milestone within an already busy year, and it further demonstrates our commitment to optimizing our capital structure," said Scott Pinsonnault, Chief Financial Officer. "I am also delighted that this transaction kindles a new relationship with Deutsche Bank, who we're excited to bring in as partners."

As previously reported, on April 2, 2015, the Company entered into agreements relating to three new debt instruments: first lien senior secured notes with an aggregate principal amount of $175,000,000, second lien senior secured notes with an aggregate principal amount of $150,000,000, and the prior facility. Agreements relating to these instruments, and the new facility, were filed by Venoco, Inc and Denver Parent Corporation as exhibits to a Current Report on Form 8-K, filed June 16, 2015 with the Securities and Exchange Commission, which is available on the SEC's website at www.sec.gov.

Blackstone Advisory Partners L.P. acted as financial advisor and Bracewell & Giuliani LLP provided legal advice to Venoco, Inc. for the transaction. Latham & Watkins LLP provided legal advice to Deutsche Bank AG for the transaction.

Forward-looking Statements

This release contains certain forward-looking statements, including statements regarding the intents, beliefs or current expectations of the company or its officers with respect to various matters. All forward-looking statements are based on assumptions that Venoco believes to be reasonable. However, actual results almost always vary from assumed facts and the differences can be material, depending upon the circumstances. As a result, you should not place undue reliance on such forward-looking statements. The words "believe," "expect," "estimate," "anticipate" and similar expressions will generally identify forward-looking statements. All of Venoco's forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. In addition, Venoco disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

With this in mind, you should consider the risks discussed in this release, under the caption "Risk Factors" in Venoco's Annual and Quarterly Reports on Forms 10-K and 10-Q, and in the other documents Venoco files with the SEC from time to time, which could cause actual results to differ materially from those expressed in any forward-looking statement made by Venoco or on Venoco's behalf.

About the Company

Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties primarily in California. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms and operates onshore properties in Southern California.

Contact Information

  • For further information, please contact
    Zach Shulman
    Investor Relations
    (303) 583-1637
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