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

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for purchase the 8 1/4% Senior Subordinated Notes due 2020 of the Company (the "8 1/4% Notes") tendered and not withdrawn prior to 5:00 p.m., New York City time yesterday, April 29, 2014 (the "Consent Payment Deadline"), pursuant to Denbury's previously announced tender offer and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amount of the 8 1/4% Notes, or approximately 82% of the outstanding 8 1/4% Notes had been validly tendered and not withdrawn.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

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
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs