Jones Day has scored a role advising Aberdeen-based oil and gas production company Venture Production on its £585m debt financing.

The deal sees Jones Day London banking head Ed Nalbantian take the lead as Venture enters into new debt financing arrangements to fund potential future acquisitions.

The financing saw Venture secure a medium-term debt facility in addition to raising funds from the private placement of notes with UK and US institutional investors.

The £350m medium-term debt issue was arranged and underwritten by Barclays Bank, which was advised by Allen & Overy banking partner David Campbell. It is anticipated that the new facility will be syndicated in early autumn.

In addition, Venture has raised $424m (£210.2m) and £25m in a private placement of fixed-rate notes with institutional investors. Baker Botts acted for the institutional investors out of its Dallas arm, under finance head Roderick Goyne. Many of the insurance companies involved in the investment were Dallas-based.

Jones Day has a longstanding relationship with Venture; it advised it on its initial financing in 2005.

Nalbantian commented: "We have advised Venture several times in the past, including recently doing an equity capital raising. We advised on its initial syndicated financing in 2005, when the credit facility was linked to its oil and gas reserves. As it has become more and more successful and the credit is more certain we are doing a different kind of deal now, which is more like a corporate financing."

The deal comes as Jones Day moves to boost its City banking and finance practice, last month hiring Mayer Brown partner Michael Pabst, taking the firm's London practice to four partners.