Venoco cancels tender offer, consent solicitation for 8¾% notes

By Angela McDaniels

Tacoma, Wash., July 17 - Venoco, Inc. terminated the tender offer and consent solicitation for its $150 million of 8¾% senior notes due 2011, according to a company news release.

The offer was conditioned on the receipt of tenders for at least a majority of the notes by the consent date, which was 5 p.m. ET on July 15. The company said it received tenders from holders of more than 42% but less than a majority of the notes.

Given that level of response, it said it had concluded "it is not advantageous to continue and consummate the tender offer and consent solicitation at this time."

The offer began July 2 and was scheduled to expire at midnight ET on July 30.

Holders would have received par for the notes, including a $30 consent payment for those who tendered and delivered consents by the consent date, plus accrued interest up to but excluding the settlement date.

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

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

Venoco is an oil and natural gas company based in Denver.

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