Venoco makes cash tender offer for any and all $150 million 8¾% notes

By Jennifer Chiou

New York, July 2 - Venoco, Inc. announced the start of a cash tender offer for any and all of its $150 million of 8¾% senior notes due December 2011.

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

The tender offer is scheduled to expire at midnight ET on July 30.

Venoco said it will pay par for the notes, including a $30 consent payment for those who deliver consents prior to 5 p.m. ET on July 15.

Holders who tender will also receive accrued interest.

The offer is conditioned on Venoco's debt financing terms, tenders from holders of a majority of the notes, the execution of a supplemental indenture and other conditions.

On June 2, chief executive officer Timothy Marquez said at a presentation that the company was likely to refinance the notes.

Global Bondholder Services Corp. is the information agent (866 544-1500 or call collect 212 430-3774). Goldman Sachs & Co. is the dealer manager (800 828-3182 or call collect 212 357-4692).

Venoco is a Denver-based energy company.

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