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Prospect News home > News index > List of issuers Tenders > Headlines for 2014 > News item |
Denbury tenders, seeks consents for $996.27 million 8¼% notes due 2020
By Susanna Moon
Chicago, April 16 - Denbury Resources Inc. said it began a cash tender offer for its outstanding $996,273,000 principal amount of 8¼% senior subordinated notes due 2020.
The total purchase price will be $1,101.58 for each $1,000 principal amount of notes tendered by 5 p.m. ET on April 29, the early tender date.
The total amount includes a consent payment of $30 per $1,000 principal amount.
Those who tender after the early deadline will receive the total amount less the consent payment.
The tender offer will end at 11:59 p.m. ET on May 13.
Tendered notes may be withdrawn by the early tender date.
Holders also will receive accrued interest to but excluding the payment date, which is expected to be April 30 for early tendered notes.
Tenders will be accepted only in principal amounts of $2,000 or integral multiples of $1,000 after that.
The offer is conditioned on the company obtaining consents from the holders of at least a majority of the outstanding notes and proceeds of at least $1.1 billion from an offering of new senior subordinated notes.
The company is soliciting consents to eliminate most of the restrictive covenants and events of default contained in the notes indenture, according to a company press release.
Holders who tender their notes will be considered to have delivered their consents to the proposed amendments.
Wells Fargo Securities (866 309-6316 or 704 410-4760 collect) is the dealer manager and solicitation agent. MacKenzie Partners, Inc. (800 322-2885 or 212 929-5500 collect or tenderoffer@mackenziepartners.com) is the information agent.
Denbury Resources is a Plano, Texas-based oil focused exploration and production company.
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