Denbury gets $800 million amended and restated revolver

By Sara Rosenberg

New York, Sept. 19 - Denbury Resources Inc. closed on an $800 million amended and restated revolving credit facility due Sept. 14, 2011, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

JPMorgan acted as lead arranger, bookrunner and administrative agent on the deal, Calyon and Fortis Capital acted as syndication agents and Union Bank of California and Comerica Bank acted as documentation agents.

The facility, which was completed on Sept. 14, replaces the company's previous $300 million revolver.

Under the new agreement, the commitment amount remained at $150 million. The banks have the option to participate in any borrowing request by Denbury in excess of the commitment amount, up to the borrowing base limit, although the banks are not obligated to fund any amount in excess of the commitment amount.

The borrowing base is $500 million.

Pricing on the new facility can range from Libor plus 100 to 175 basis points depending on the ratio of outstanding credit to the borrowing base.

Denbury is a Plano, Texas-based acquirer, developer, operator and explorer of oil and natural gas properties.

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