Venoco Up 4%, Hits New 52-Week High As Updates On Proposed Merger Agreement

By Staff,

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Venoco, Inc. ( VQ ) is up 3.8% at $11.82, backing off a new year high of $12 hit earlier as the company today announced that Denver Parent Corp., an affiliate of VQ executive Chairman Timothy Marquez, issued an update regarding the proposed merger agreement between VQ, Marquez, DPC and another affiliate of Marquez.

DPC has advised VQ that as a result of strong demand for the second lien term loan component of its financing, DPC expects the size of that facility to be increased from $175 million to $225 million.

Additionally, DPC expects that VQ will enter into a new first lien revolving credit facility with an initial borrowing base of $125 million and make a $31.0 million initial draw on that facility.

VQ trades in a 52-week range of $6.50 - $12.00. Shares have % in the last 12 months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: VQ

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