Venoco Prices Stock Offering
Venoco, Inc. has priced its previously announced public offering of 6.1 million shares of its common stock at a price to the public of $18.50 per share. The 600,000 secondary shares were withdrawn from the offering. Venoco estimates that the net proceeds from its sale of 6.1 million shares in the offering will be approximately $108 million, after deducting underwriting discounts and commissions and estimated expenses.
Venoco expects the issuance, delivery and settlement of shares to occur on July 2, 2007, subject to customary closing conditions. The underwriters will have the option to purchase up to an aggregate of 915,000 additional shares of common stock from the company to cover any over-allotments. Venoco intends to use the net proceeds from the offering to reduce outstanding indebtedness under its revolving credit facility and to fund capital expenditures.
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