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

HOUSTON, April 15, 2021 (Newswire.com) - EnVen Energy Corporation (the "Company" or "EnVen") today announced that it has closed its previously announced offering (the "Offering") of $300 million aggregate principal amount of 11.750% senior secured second lien notes due 2026 (the "Notes") 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"). The Notes were co-issued by the Issuer's subsidiary, EnVen Finance Corporation.

The Notes are 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 are 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. The 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, the Company amended the Revolving Credit Facility to, among other things, extend the maturity date to 2024, establish a revised borrowing base of $165 million, reduce the aggregate committed amounts thereunder to $165 million and modify the applicable interest rates.

The Notes have not and will not be registered under the Securities Act or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements. Accordingly, the Notes were offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions outside the United States in accordance with Regulation S under the Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. This press release does not constitute a notice of redemption of the 2023 Notes.

About EnVen

EnVen is a leading independent deepwater exploration and production operator in the Gulf of Mexico, headquartered in Houston, Texas.

Forward-looking Statements

This release may contain forward-looking statements, including, but not limited to, our financing plans, including the offering of Notes and the details thereof, including the proposed use of proceeds therefrom, and other expected effects of the offering of Notes. When used in this release, the words "could," "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on the Company's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by this statement, to reflect events or circumstances after the date of this release.

Media Contact

EnVen Energy Corporation
609 Main Street, Suite 3200
Houston, Texas 77002
713-335-7000

Source: EnVen Energy Corporation