Venoco to repay revolver debt with common stock proceeds

By Sara Rosenberg

New York, June 28 - Venoco Inc. plans to repay debt under its revolving credit facility and fund capital expenditures with proceeds from its offering of 6.1 million shares of common stock, according to a 424B5 filed with the Securities and Exchange Commission Thursday.

The stock offering priced on Wednesday at $18.50 per share, resulting in net proceeds of about $108 million.

Venoco is a Denver-based energy company.

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