Davis Polk advised the note purchasers, exchanging noteholders and lenders in connection with the debt recapitalization of Venoco, Inc., consisting of (i) the issuance by Venoco of $175 million principal amount of 12.0% first-lien senior secured notes due 2019, (ii) the private exchange by Venoco of $194 million in principal and accrued interest of Venoco’s outstanding 8.875% senior unsecured notes due 2019 for $150.35 million in principal amount of 8.875%/12.0% PIK toggle second-lien senior secured notes due 2019 and (iii) a new $75 million secured term loan facility. Approximately $72 million of proceeds from the issuance of the first-lien secured notes were used to repay and terminate the company’s existing reserve-based revolving credit facility More >>

Global law firm Shearman & Sterling has strengthened its M&A and corporate practices—including public and private M&A, private equity, capital markets and corporate governance—with the addition of Rob Masella, who joins the firm as a partner in the New York office More >>