Announces Redemption of Senior Subordinated Notes Due March 2016
Completes $1.2 Billion Senior Subordinated Notes Offering
PLANO, Texas, Feb. 5, 2013 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) ("Denbury" or the "Company") announced today that it exercised its early purchase option and has accepted for purchase the 9 ¾% senior subordinated notes due March 2016 of the Company (the "9 ¾% Notes") and the 9 ½% 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to Encore Acquisition Company (the "9 ½% Notes" and collectively with the 9 ¾% Notes, the "Notes"), tendered and not withdrawn prior to 5:00 p.m., New York City time yesterday, February 4, 2013 (the "Consent Payment Deadline"), pursuant to Denbury's previously announced tender offers and consent solicitations.As of the Consent Payment Deadline, (i) $191,678,000 principal amount of the 9 ¾% Notes, or approximately 45% of the outstanding 9 ¾% Notes, and (ii) $186,589,000 principal amount of the 9 ½% Notes, or approximately 83% of the outstanding 9 ½% Notes, had been validly tendered and not withdrawn. Payment for the Notes purchased was made today. Based on the amount of 9 ¾% Notes tendered and accepted for purchase, the Company did not receive a sufficient number of consents to adopt the proposed amendments to the indenture governing the 9 ¾% Notes. The Company has waived the Required Consent Condition and the Supplemental Indenture Condition (as such terms are defined in the Offer Documents) with respect to the 9 ¾% Notes. Based on the amount of 9 ½% Notes tendered and accepted for purchase, the Company received a sufficient number of consents to adopt the proposed amendments to the indenture governing the 9 ½% Notes. These amendments were adopted on February 5, 2013 pursuant to a supplemental indenture to the indenture governing the 9 ½% Notes which eliminated most of the restrictive covenants and certain events of default in that indenture.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV