Venoco, Inc. entered into a new $75 million term loan facility (the "new facility") with Deutsche Bank AG. The new facility was fully drawn at closing, and matures in December, 2017, subject to acceleration in certain circumstances. The company used the proceeds from the new facility to repay all amounts outstanding under its prior term loan facility entered into in April, 2015 (the "prior facility"), and the prior facility was then terminated. Amounts borrowed under the new facility will bear interest at LIBOR plus 4.0% per annum.

"This loan is yet another successful milestone within an already busy year, and it further demonstrates our commitment to optimizing our capital structure," said Scott Pinsonnault, Chief Financial Officer. "I am also delighted that this transaction kindles a new relationship with Deutsche Bank, who we're excited to bring in as partners."

As previously reported, on April 2, 2015, the company entered into agreements relating to three new debt instruments: first lien senior secured notes with an aggregate principal amount of $175,000,000, second lien senior secured notes with an aggregate principal amount of $150 million, and the prior facility. Agreements relating to these instruments, and the new facility, were filed by Venoco, Inc and Denver Parent Corporation as exhibits to a Current Report on Form 8-K, filed June 16, 2015 with the Securities and Exchange Commission.

Blackstone Advisory Partners L.P. acted as financial advisor and Bracewell & Giuliani LLP provided legal advice to Venoco, Inc. for the transaction. Latham & Watkins LLP provided legal advice to Deutsche Bank AG for the transaction.