Denbury Closes Private Note Exchanges
December 06 2017 - 8:00PM
Denbury Resources Inc. (NYSE:DNR) (“Denbury” or the “Company”)
today announced the closing of its previously announced privately
negotiated note exchanges under which holders of approximately $610
million aggregate principal amount of its outstanding senior
subordinated notes due 2022 and 2023 exchanged those subordinated
notes for approximately $467 million of newly issued senior New
Notes (as defined below). The New Notes consist of
approximately $382 million aggregate principal amount of new 9¼%
Senior Secured Second Lien Notes due 2022 and approximately $85
million aggregate principal amount of new 3½% Convertible Senior
Notes due 2024 (collectively, the “New Notes”). These
exchanges reduce the outstanding principal amount of the Company’s
5½% Senior Subordinated Notes due 2022 to $409 million, and the
Company’s 4⅝% Senior Subordinated Notes due 2023 to $377 million.
The New Notes have not been registered under the
Securities Act of 1933, as amended, or under any state securities
laws, and may not be offered or sold within the United States, or
to or for the account or benefit of any U.S. person, absent
registration or an applicable exemption from registration
requirements.
Denbury is an independent oil and natural gas
company with operations focused in two key operating areas: the
Gulf Coast and Rocky Mountain regions. The Company’s goal is
to increase the value of its properties through a combination of
exploitation, drilling and proven engineering extraction practices,
with the most significant emphasis relating to CO2 enhanced oil
recovery operations.
DENBURY CONTACTS:
Mark C. Allen, Executive Vice President and Chief Financial Officer, 972.673.2000
John Mayer, Investor Relations, 972.673.2383
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