DENVER, CO -- (Marketwired) -- 08/09/13 -- Venoco, Inc. announced today the pricing of an offering of $255 million principal amount of senior unsecured PIK toggle notes by Denver Parent Corporation, its sole stockholder. The notes mature on August 15, 2018. The offering is expected to close on August 15, 2013, subject to customary closing conditions. Denver Parent Corporation intends to use the net proceeds of the offering to redeem its outstanding senior secured notes and to make a capital contribution to Venoco, Inc. to fund the purchase of Venoco's 11.50% senior notes due 2017 tendered pursuant to its previously announced tender offer and consent solicitation or the redemption of any 11.50% senior notes due 2017 not purchased in the tender offer.
This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any other securities. The notes were offered in the United States only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in reliance on Regulation S under the Securities Act. The notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This release contains certain forward-looking statements. All forward-looking statements are based on assumptions that Venoco believes to be reasonable. However, actual results almost always vary from assumed facts and the differences can be material, depending upon the circumstances. As a result, you should not place undue reliance on such forward-looking statements. The words "believe," "expect," "estimate," "anticipate" and similar expressions will generally identify forward-looking statements. All of Venoco's forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements. In addition, Venoco disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.
With this in mind, you should consider the risks discussed in the Statement, under the caption "Risk Factors" in Venoco's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the other documents Venoco files with the SEC from time to time, which could cause actual results to differ materially from those expressed in any forward-looking statement made by Venoco or on Venoco's behalf.
About the Company
Venoco is an independent energy company primarily engaged in the acquisition, exploitation and development of oil and natural gas properties primarily in California. Venoco operates three offshore platforms in the Santa Barbara Channel, has non-operated interests in three other platforms and operates several onshore properties in Southern California.
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