Venoco amends revolver, increasing borrowing base and raising pricing

By Sara Rosenberg

New York, Oct. 31 - Venoco Inc. amended its revolving credit facility, increasing the borrowing base to $230 million from $200 million and increasing pricing by 50 basis points until an initial public offering that raises at least $200 million is completed, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

In addition, the amendment also imposes certain limitations on the company's ability to make capital expenditures and complete acquisitions, and provides that, upon the disposition of specified Texas, the borrowing base would decrease by specified amounts.

The amendment was completed on Oct. 25.

Bank of Montreal is the administrative agent on the deal.

Venoco is a Denver-based oil and gas exploration and production company.

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