This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Denbury Announces Early Acceptance Of Cash Tender Offer For 8 1/4% Senior Subordinated Notes Due 2020

Stocks in this article: DNR

Completes Offering of $1.25 Billion of 5 1/2% Senior Subordinated Notes due 2022 Announces Redemption of Remaining 8 1/4% Senior Subordinated Notes Due 2020

PLANO, Texas, April 30, 2014 (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for purchase the 8 1/4% Senior Subordinated Notes due 2020 of the Company (the "8 1/4% Notes") tendered and not withdrawn prior to 5:00 p.m., New York City time yesterday, April 29, 2014 (the "Consent Payment Deadline"), pursuant to Denbury's previously announced tender offer and consent solicitation. As of the Consent Payment Deadline, approximately $815 million principal amount of the 8 1/4% Notes, or approximately 82% of the outstanding 8 1/4% Notes had been validly tendered and not withdrawn. Payment for the 8 1/4% Notes purchased was made today.

Denbury further announced that today it has closed its sale of $1.25 billion principal amount of its 5 1/2% Senior Subordinated Notes due 2022 (the "5 1/2% Notes"), the proceeds of which are to be used to fund the costs to repurchase the 8 1/4% Notes, and to pay related fees and expenses. The remaining net proceeds from this sale of the 5 1/2% Notes will be used to reduce borrowings under the Company's bank credit facility and for general corporate purposes.

Based on the amount of 8 1/4% Notes tendered and accepted for purchase, the Company received a sufficient number of consents to adopt the proposed amendments to the indenture governing the 8 1/4% Notes. These amendments were adopted on April 30, 2014 pursuant to a supplemental indenture to the indenture governing the 8 1/4% Notes which eliminated most of the restrictive covenants and certain events of default in that indenture.

The tender offer is being made pursuant to the terms and conditions of the Offer to Purchase and Consent Solicitation Statement, dated as of April 16, 2014, and the related Letter of Transmittal and Consent (collectively, the "Offer Documents"). The tender offer will expire at 11:59 p.m., New York City time, on May 13, 2014, unless extended by the Company.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs