EnVen Announces Pricing of Offering of 2026 Senior Secured Second Lien Notes

By PRNewswire2 days ago


HOUSTON, April 8, 2021 /PRNewswire/ --EnVen Energy Corporation (the “Company“ or “EnVen“) today announced that it has priced its previously announced offering of $300 million aggregate principal amount of of 11.750% senior secured second lien notes due 2026 (the “Notes“). The Notes will be issued through its subsidiary Energy Ventures GoM LLC (the “Issuer“) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act“) and will be co-issued by the Issuer's subsidiary, EnVen Finance Corporation. The offering is expected to close on or about April 15, 2021.

The Notes will initially be guaranteed on a senior secured second-priority basis by the Company and the Company's domestic subsidiaries that guarantee the Issuer's first lien revolving credit facility (the “Revolving Credit Facility“). The Notes and the related guarantees will be secured by second-priority liens on the Company's and the guarantors' assets that secure all of the indebtedness under the Revolving Credit Facility, subject to certain exceptions. Net proceeds from the offering of the Notes will be used to fund the redemption of all of its outstanding 11.000% Senior Secured Second Lien Notes due 2023 (the “2023 Notes“), and the remainder, if any, for general corporate purposes. In connection with the offering of the ...

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