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Update on October 2, 2009:
Venoco has priced its private offering of $150 million principal amount of senior unsecured notes. The 11.5% senior notes will mature on October 1, 2017. The senior notes are priced at 95.03% of their principal amount.
The offering is expected to close on October 7, 2009.
Announcement (September 29, 2009):
Venoco is planning a private offering of $150 million in aggregate principal amount of senior unsecured notes due 2017. The notes will be offered only to qualified institutional buyers.
Deal Value (US$ Million) 150 Deal Type Private Placement Sub-Category None Deal Status Completed: 2009-10-07
Deal Participants
Target (Company) Venoco, Inc. Acquirer (Company) Undisclosed Investors
Deal Rationale
Venoco intends to use the net proceeds of the offering, together with additional borrowings under its revolving credit facility, to satisfy and discharge all of its outstanding 8.75% senior notes due 2011.
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