Denbury Resources Inc Announces Pricing of $1.2 Billion Senior Subordinated Notes Offering

Denbury Resources Inc announced that it has priced its offering of senior subordinated notes due July 2023, and increased the size of the offering from $1.0 billion to $1.2 billion aggregate principal amount of notes. The notes will carry a coupon rate of 4.625% and are being sold at 100% of par. The Company expects to close the sale of the notes on February 5, 2013. The net proceeds from the offering will be used by Denbury to fund the repurchase of any and all of its $426.4 million aggregate principal amount of 9.75% senior subordinated notes due March 2016 and any and all of its $224.9 million aggregate principal amount of 9.5% senior subordinated notes due May 2016, for which tender offers were announced earlier on January 22, 2013. The remaining proceeds from the offering will be used by Denbury for repayment of current borrowings under its bank credit facility and then for general corporate purposes. BofA Merrill Lynch, J.P. Morgan, Credit Suisse, Wells Fargo Securities, Credit Agricole Securities, and RBC Capital Markets acted as joint book-running managers for the senior subordinated notes offering.