Venoco $150 million seven-year notes talked to yield 8¾% area, to price Wednesday

By Paul A. Harris

St. Louis, Dec. 14 - Price talk on Venoco Inc.'s $150 million offering of seven-year senior notes (Caa1/CCC+) is in the 8¾% area, according to a market source.

Pricing is expected Wednesday afternoon.

Lehman Brothers and Harris Nesbitt are joint bookrunners.

The notes will have a make-whole call for the first four years and will contain a three-year 35% equity clawback.

Proceeds will be used to repay bank debt, make a dividend payment, and fund an acquisition.

Venoco is a Carpinteria, Calif.-based independent energy company primarily engaged in the acquisition, exploitation and development of oil and gas in California.

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