Venoco to pay down second-lien term loan facility via property sales

By Tali David

Minneapolis, Jan. 7 - Venoco, Inc. plans to use $224 million of the proceeds of its Sacramento Basin and San Joaquin Valley property sales to pay down a portion of the principal balance outstanding on its second-lien term loan facility, according to an 8-K filed with the Securities and Exchange Commission.

It will also use $7 million for a prepayment penalty.

Venoco is a Denver-based independent energy company primarily engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties.

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