Venoco entered into a new $75 million term loan 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.

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 mllion, second lien senior secured notes with an aggregate principal amount of $150 million, and the prior facility.

“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, CFO. “I am also delighted that this transaction kindles a new relationship with Deutsche Bank, who we’re excited to bring in as partners.”