Denbury Announces Extension of Deadline to Receive Early Participation Premium in Its Previously Announced Offers to Exchange...
January 08 2016 - 6:30AM
Denbury Resources Inc. (NYSE:DNR) (“Denbury” or the “Company”)
today announced it has extended the early participation deadline of
the previously announced Exchange Offers to Eligible Holders (as
defined below) of its outstanding 6⅜% Senior Subordinated Notes due
2021, 5½% Senior Subordinated Notes due 2022, and 4⅝% Senior
Subordinated Notes due 2023 (collectively, the “Old Notes”) to
exchange a portion of their Old Notes for newly issued 7½% Senior
Notes due May 15, 2022 (the “New Senior Notes”).
The “Early Participation Deadline” has been
extended to 11:59 p.m., New York City time, on January 20, 2016
from 5:00 p.m., New York City time, on January 7, 2016. Eligible
Holders whose Old Notes prior to Early Participation Deadline, as
amended, and accepted will receive the “Total Exchange
Consideration” described in the offering memorandum referred to
below. All other applicable terms and conditions of the
Exchange Offers remain.
The Exchange Offers will expire at 11:59 p.m.,
New York City time, on January 20, 2016. Holders who have
already validly tendered and not validly withdrawn their Old Notes
do not need to re-tender their Old Notes. Eligible Holders
who have previously tendered their Old Notes can no longer validly
withdraw those notes from the Exchange Offers, except to the extent
required by law, as withdrawal rights expired on January 7, 2016 at
5:00 p.m., New York City time. Old Notes tendered after January 7,
2016 at 5:00 p.m. cannot be withdrawn, except to the extent
required by law.
The Exchange Offers are subject to, and
conditioned upon, the satisfaction or waiver of conditions set out
in the offering memorandum and the related letter of transmittal,
each dated December 21, 2015, subject to the Company’s right to
amend or terminate any of the Exchange Offers prior to the
Expiration Time.
The New Senior Notes have not been and will not
be registered under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), or under any state securities laws.
The New Senior Notes may not be offered or sold within the United
States, absent registration or an applicable exemption from
registration requirements. The Exchange Offers are extended
only to “Eligible Holders” of Old Notes who complete and return an
eligibility form confirming that they are either a “qualified
institutional buyer” under Rule 144A or not a “U.S. person” under
Regulation S, as defined under applicable securities laws.
This press release does not constitute an offer
to sell or a solicitation of any offer to buy any securities, nor
shall there be any sale of any securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Denbury is an independent oil and natural gas
company with operations focused in two key operating areas: the
Gulf Coast and Rocky Mountain regions. The Company’s goal is
to increase the value of its properties through a combination of
exploitation, drilling and proven engineering extraction practices,
with the most significant emphasis relating to CO2 enhanced oil
recovery operations.
DENBURY CONTACTS:
Mark C. Allen, Senior Vice President and Chief Financial Officer, 972.673.2000
Ross M. Campbell, Manager of Investor Relations, 972.673.2825
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