Venoco kicks off roadshow for $250 million PIK notes due 2018; pricing Friday

By Aleesia Forni

Virginia Beach, Va., Aug. 7 - Venoco Inc. will begin a roadshow on Wednesday ahead of a proposed $250 million issue of senior PIK toggle HoldCo notes due 2018, according to a market source.

The roadshow will be held Wednesday and Thursday in New York and New Jersey before heading to Boston on Friday.

The issue is expected to price on Friday.

The notes will be issued via Denver Parent Co.

The Rule 144A and Regulation S notes will come with two years of call protection and a make-whole call for the first two years.

There will be an up to 35% equity clawback and a 101% poison put.

Proceeds will be used to redeem the company's existing HoldCo notes and tender for its 11½% OpCo notes.

Citigroup Global Markets Inc. and BofA Merrill Lynch are the joint bookrunners.

ABN Amro Inc., BOSC, Credit Suisse Securities (USA) LLC, Keybanc Capital Markets LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc. and RB International are the co-managers.

The Denver-based energy company will hold an investor call at noon ET on Thursday.

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