PLANO, Texas, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) announced the closing of its previously announced privately negotiated note exchanges under which holders of approximately $610 million aggregate principal amount of its outstanding senior subordinated notes due 2022 and 2023 exchanged those subordinated notes for approximately $467 million of newly issued senior New Notes (as defined below). The New Notes consist of approximately $382 million aggregate principal amount of new 9¼% Senior Secured Second Lien Notes due 2022 and approximately $85 million aggregate principal amount of new 3½% Convertible Senior Notes due 2024. These exchanges reduce the outstanding principal amount of the Company’s 5½% Senior Subordinated Notes due 2022 to $409 million, and the Company’s 4?% Senior Subordinated Notes due 2023 to $377 million.
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.