Venoco tenders for any and all $150 million of 11½% notes due 2017

By Jennifer Chiou

New York, Aug. 6 - Venoco, Inc. announced the start of its cash tender offer for any and all of its $150 million of 11½% senior notes due 2017.

The company is also soliciting consents to amend the note indenture to eliminate substantially all of the restrictive covenants, certain events of default and other provisions.

The tender offer will end at midnight ET on Sept. 3.

For each $1,000 principal amount, the company is offering $1,068.75, which includes the consent payment of $30.00 for those who tender prior to 5 p.m. ET on Aug. 19.

Venoco will also pay accrued interest.

The offer is contingent on financing, and Venoco's parent company, Denver Parent Corp., intends to offer debt securities, the proceeds of which will fund the tender offer.

Global Bondholder Services Corp. is the depositary and information agent (866 470-4500 or 212 430-3774). Citigroup Global Markets Inc. is the dealer manager (800 558-3745 or 212 723-6106).

Venoco is a Denver-based energy company.

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