Denbury Announces $1.1 Bln Offering Of Senior Subordinated Notes

(RTTNews) - Denbury Resources Inc. (DNR) said Wednesday that it has filed a registration statement with the Securities and Exchange Commission relating to the public offering of $1.1 billion of Senior Subordinated Notes due 2022.

The company said it plans to use the net proceeds from the offering to fund all or substantially all of the costs of its repurchase of all $996.3 million aggregate outstanding principal amount of its 81/4% Senior Subordinated Notes due 2020, for which a tender offer and consent solicitation was announced earlier Wednesday.

To the extent the company purchases less than all of the outstanding 2020 Notes in the tender offer or the tender offer is not consummated for any reason, pursuant to the make-whole provision in the indenture governing the 2020 Notes in connection with a satisfaction and discharge of such indenture, the company plans to use the net proceeds from the offering to redeem the 2020 Notes not purchased in the tender offer.