Venoco, Inc. Announces Closing of Go-Private Transaction
October 03 2012 - 11:24AM
Marketwired
Venoco, Inc. (NYSE: VQ) announced today that it has closed the
transaction contemplated by the merger agreement among Venoco,
Timothy Marquez, Denver Parent Corporation ("DPC") and Denver
Merger Sub. Venoco was merged with and into Denver Merger Sub, with
Venoco being the surviving entity. Venoco, as a wholly owned
subsidiary of DPC, will continue with the same officers that served
the company prior to the merger, with Timothy Marquez as the sole
director and Ed O'Donnell as the Chief Executive Officer.
The company also announced that as part of the closing of the
go-private transaction it closed a $315 million senior secured
second lien term loan which bears interest at LIBOR plus 7% (with a
LIBOR floor of 1.50%) and has a maturity date of June 30, 2017. In
addition, and also as part of closing the go-private transaction,
the company closed on an amended and restated $500 million
revolving credit facility, with an initial borrowing base of $175
million and initial commitments of $156 million.
"We are very pleased to have been able to complete this process
and to be able to move Venoco forward," said Mr. Marquez, Venoco's
founder and Executive Chairman. "We have great assets including
stable, long-lived oily properties along with a dedicated and
engaged group of employees -- together we expect continued
success."
The company will, before market open on October 4, 2012, post
slides on its website containing certain financial information
disclosed to potential participants in the go-private process. The
information will be posted on www.venocoinc.com, on the Investor
Relations page under the Webcasts & Presentations heading.
Citigroup acted as exclusive financial advisor to Denver Parent
Corporation and Mr. Marquez and lead arranger on both the term loan
and the credit facility.
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, operates several onshore properties in
Southern California, and has extensive operations in Northern
California's Sacramento Basin.
For further information, please contact Mike Edwards Vice
President (303) 626-8320 http://www.venocoinc.com E-Mail Email
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