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Non-Tech : Attractive opportunities in already announced mergers

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To: D. K. G. who wrote (56)8/16/2012 9:20:20 AM
From: D. K. G.  Read Replies (1) of 64
 
7:11AM Venoco announces advanced financing discussions ( VQ) 9.53 : Co announced that it has been informed by Denver Parent ("DPC"), an affiliate of Timothy Marquez, Venoco's Executive Chairman, that DPC is engaged in advanced discussions regarding the financing of the merger contemplated by the merger agreement among Venoco, Mr. Marquez, DPC and another affiliate of Mr. Marquez. DPC has advised Venoco that it expects the $436.5 million financing package to consist of a $21.5 million initial draw on a new first lien revolving credit facility with an initial borrowing base of $125 million, a $175 million second lien term loan at Venoco, an asset sale from Venoco to DPC in the amount of $210 million and capital raises by DPC in the amount of $240 million, including a volumetric production payment on the assets sold to DPC by Venoco. A completion date of the financing and closing of the merger has not been set although the transactions are currently expected to close prior to September 14, 2012. Neither Venoco nor DPC has entered into definitive agreements with respect to any aspect of the financing.
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