Venoco to price $500 million eight-year notes during Feb. 7 week

By Paul A. Harris

Portland, Ore., Feb. 7 - Venoco, Inc. plans to price a $500 million offering of eight-year senior notes during the Feb. 7 week, according to an informed source.

Bank of America Merrill Lynch and BMO Nesbitt Burns are the joint bookrunners for the Rule 144A with registration rights offering.

BNP Paribas, Credit Suisse, KeyBanc Capital Markets, Mitsubishi UFJ Securities, RBS Securities Inc., Scotia Capital and BOSC Securities are the co-managers.

The notes come with four years of call protection and feature a 101% poison put.

Credit ratings remain to be determined.

The Denver-based energy company plans to use the proceeds to repay its second-lien term loan and costs associated with settling related interest rate swap contracts.

Venoco is an independent energy company primarily engaged in the acquisition, exploration and development of oil and natural gas properties in California.

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