This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Denbury Announces Completion Of Acquisition Of Encore, Entry Into New $1.6 Billion Credit Facility And Extension Of Tender Offers For Encore Senior Subordinated Notes

Tender Offers

Denbury announced its intention to accept for purchase all of Encore’s senior subordinated notes tendered by holders pursuant to cash tender offers and related consent solicitations commenced on February 8, 2010 for $600 million aggregate principal amount of three series of outstanding Encore senior subordinated notes. As of 5:00 p.m. Eastern Time on March 9, 2010, tenders and consents had been received with respect to (i) $108,216,000 aggregate principal amount, or 72%, of Encore’s outstanding 6.25% Senior Subordinated Notes due 2014, (ii) $268,801,000 aggregate principal amount, or 90%, of Encore’s outstanding 6.0% Senior Subordinated Notes due 2015, and (iii) $123,515,000 aggregate principal amount, or 82%, of Encore’s outstanding 7.25% Senior Subordinated Notes due 2017. Denbury announced that the original expiration of the cash tender offers and consent solicitations set for 5:00 p.m., Eastern Time on March 9, 2010 for notes of these series has been extended until 10:00 a.m., Eastern Time on March 10, 2010. The purchase of tendered notes will be financed with a portion of the net proceeds from Denbury’s $1.0 billion of 8¼% Senior Subordinated Notes Due 2020 sold early last month. Denbury will assume Encore’s position as obligor on the remainder of all Encore senior subordinated notes which remain outstanding, and, in accordance with the applicable indentures, will, within 30 days after consummation of the merger, notify the holders thereof of their right to resell those notes to Denbury at 101% of the face amount thereof.

If the principal amount of the Encore notes purchased pursuant to the tender offers and the subsequent rights of holders to sell the remaining notes to Denbury totals less than $600 million, Denbury will redeem that portion of its 8¼% Senior Subordinated Notes Due 2020 in a principal amount equal to the difference between $600 million and the aggregate principal amount of Encore notes so purchased, at 100% of face value of its 8¼% notes, plus interest accrued and unpaid to but not including the date of redemption.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
EAC $1.71 0.00%
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs