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.
Venoco is an independent energy company primarily focused on the acquisition, exploration, exploitation and development of oil and natural gas properties. Venoco’s principal producing properties are located both onshore and offshore in Southern California.
The Davis Polk debt restructuring team included partners Damian S. Schaible and Byron B. Rooney, and associates Darren S. Klein, Angela Libby and Aryeh Ethan Falk. The credit team included partner Kenneth J. Steinberg and associates Vivian Y. Wong and Yitz Segal. Counsel Susan D. Kennedy provided real estate advice. Counsel Betty Moy Huber advised on matters of environmental law. All members of the Davis Polk team are based in the New York office.
Source: www.davispolk.com
