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Bracewell & Giuliani LLP Advises Venoco in $250 Million of New Financings and Related Transactions

April 2, 2015

Bracewell & Giuliani LLP provided legal advice to Venoco, Inc. in a series of strategic transactions, including $250 million of new financings consisting of a private issuance of $175 million of new 12 percent first lien senior secured notes and $75 million of cash secured senior term loans.

A portion of the proceeds were applied towards the full repayment of the borrowings under Venoco’s existing revolving credit facility, which was subsequently terminated.

Simultaneously, $194 million in principal of and accrued interest on Venoco’s existing 8.875 percent senior notes due 2019 were exchanged for second lien senior secured notes at 77.5 percent. The second lien notes will initially pay interest, at Venoco’s option, in the form of payment-in-kind at 12.00 percent or cash interest at 8.875 percent for up to 24 months and will pay cash interest at 8.875 percent thereafter.

Bracewell attorneys involved in this transaction include:

Partners: Robin J. MilesCharles H. Still, Jr.Robert G. BurnsKristen V. CampanaTroy L. HarderMichael C. HefterLaura S. MartoneNancy J. Nelson and Abraham A. Reshtick

Senior Counsel: Alexander W. JonesRebecca Keep and Ryan M. Philp

Associates:Jeris Diana Brunette, Jennifer N. DillJon M. EnglishWilliam H. EbertJonathan LozanoJennifer R. Necas and Caroline A. Wells