Denbury Resources to pay down loan borrowings with notes proceeds

By Sara Rosenberg

New York, Jan. 22 - Denbury Resources Inc. plans on repaying credit facility debt and repurchasing notes with proceeds from a $1 billion senior subordinated bond deal, according to a news release.

The notes being repurchased are any and all of the company's $426.4 million 9¾% senior subordinated notes and any and all of its $224.9 million 9½% senior subordinated notes.

Following the debt paydowns, remaining proceeds from the bonds will be used for general corporate purposes.

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

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