Venoco gets needed consents to amend indenture of 11½% notes

By Jennifer Chiou

New York, Aug. 22 - Venoco, Inc. announced the receipt of tenders and consents for $148,565,000 of its $150 million of 11½% senior notes due 2017 by the consent deadline of 5 p.m. ET on Aug. 19.

The company is soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants, certain events of default and other provisions.

For each $1,000 principal amount, Venoco is offering $1,068.75, which includes the consent payment of $30.00 for those who tendered prior to the early tender.

Venoco will also pay accrued interest.

Following payment, the amendment became effective.

As reported, the tender offer will end at midnight ET on Sept. 3.

The offer is contingent on financing, and Venoco's parent company, Denver Parent Corp., intends to offer debt securities, the proceeds of which will fund the tender offer.

Global Bondholder Services Corp. is the depositary and information agent (866 470-4500 or 212 430-3774). Citigroup Global Markets Inc. is the dealer manager (800 558-3745 or 212 723-6106).

Venoco is a Denver-based energy company. It began the offer on Aug. 6.

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