Denbury Resources Inc. Announces Refinancing of Senior Subordinated Notes.Energy Editors/Business Editors DALLAS--(BUSINESS WIRE)--March 17, 2003 Denbury Resources Inc. (NYSE NYSE See: New York Stock Exchange :DNR See dynamic noise reduction and domain name resolver. ) ("Denbury" or the "Company") announced today that it intends to offer $200 million of Senior Subordinated Notes Due 2013 in a private Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. offering. Denbury plans to use the estimated net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $194.25 million from the offering to refinance the Company's currently outstanding $125 million aggregate principal amount of 9% Senior Subordinated Notes Due 2008 and $75 million aggregate principal amount of 9% Series B Senior Subordinated Notes Due 2008. Denbury intends to call these 9% notes today, with such call to be effective as early as April 16, 2003, conditioned upon the closing of the new Senior Subordinated Notes. The Company expects to use bank debt to fund the estimated $14.75 million of redemption costs not funded by the net proceeds of the offering. The notes have not been registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the notes. This press release, other than historical financial information, contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including whether the sale of the notes will be closed. |
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