Denbury to repay $830 million revolver debt with asset sale proceeds

By Sara Rosenberg

New York, May 18 - Denbury Resources Inc. will repay about $830 million of the $869 million in borrowings outstanding under its revolving credit facility using the proceeds from the sale of oil and natural gas assets to Quantum Resources Management LLC, according to a news release.

The asset sale was completed on May 14. To date, the company has received net proceeds of approximately $889 million and anticipates receiving an additional $5.5 million within the next few weeks relating to exercised preferential rights.

In conjunction with the sale of these properties, the company's banks performed a redetermination of the borrowing base under the $1.6 billion revolver and left the borrowing base in that amount unchanged.

Denbury is a Plano, Texas-based oil and natural gas company.

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