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Denbury Commences Offers For Senior Subordinated Notes Due March 2016 And Senior Subordinated Notes Due May 2016

Stocks in this article: DNR

PLANO, Texas, Jan. 22, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") today announced that it has commenced cash tender offers to purchase any and all of the outstanding:

  • 9.75% senior subordinated notes due March 2016 of the Company (the "9 ¾% Notes"), and
  • 9.5% senior subordinated notes due May 2016 of the Company, as successor to Encore Acquisition Company (the "9 ½% Notes" and collectively with the 9 ¾% Notes, the "Notes"),

on the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated the date hereof (as it may be amended or supplemented from time to time, the "Statement"), and in the related Letter of Transmittal and Consent (as the same may be amended or supplemented from time to time, the "Letter of Transmittal"). The tender offers are referred to herein collectively as the "Offers."  The Statement and Letter of Transmittal are referred to herein collectively as the "Offer Documents."

As of January 22, 2013, approximately $426.4 million of 9 ¾% Notes and approximately $224.9 million of 9 ½% Notes were outstanding.

In conjunction with the Offers, and on the terms and subject to the conditions set forth in the Offer Documents, the Company is soliciting, with respect to each series of Notes (collectively, the "Consent Solicitations"), consents ("Consents") of holders of those Notes to, among other things, eliminate most of the restrictive covenants and certain events of default contained in the applicable indenture.

The consent payment deadline is 5:00 p.m., New York City time, on February 4, 2013 (such time and date, as it may be extended, the "Consent Payment Deadline"), and the tender offer will expire at 11:59 p.m., New York City time, on February 19, 2013 (such time and date, as it may be extended, the "Expiration Time"), in each case unless earlier terminated by the Company.  Notes tendered may be withdrawn and the related Consents revoked at any time at or before the Consent Payment Deadline but not thereafter.

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