Denbury Resources Inc. (NYSE:DNR) has changed the Early Participation Time of its earlier reported private offers to eligible holders of its due 6⅜% Senior Subordinated Notes payable in 2021, 5½% Senior Subordinated Notes to be paid in 2022, and 4⅝% Senior Subordinated Notes payable in 2023, collectively called the “Old Notes” to exchange for up to around $182 million of fresh 9¼% Senior Secured Second Lien Notes payable in March 31, 2022 and up to around $147 million of fresh 5% Convertible Senior Notes payable in December 15, 2023, collectively termed the “New Notes”.
Denbury Resources reported that the Exchange Offers are being presented upon the terms and are contingent to the guidelines established in a confidential offering memorandum and associated letter of transmittal, dated December 7, 2017.
As per the update, the “Early Participation Time” has been changed to New York City time of 11:59 p.m. on January 5, 2018. This is also the date when the Exchange Offers will close. The settlement date for these Exchange Offers is currently anticipated to be January 9, 2018. Entitled holders whose Old Notes are validly offered before the Early Participation Time, as revised, will get the total exchange consideration mentioned in the offering memorandum for respective Old Notes which are allowed for exchange.
Denbury Resources reported that there is no change in withdrawal deadline. It has not been changed. Therefore, tendered Old Notes may not be withdrawn. All other pertinent guidelines of the Exchange Offers remain unchanged and effective.
In the last trading session, the stock price of Denbury Resources gained 0.47% to close the day at $2.13. The gains came at a share volume of 6.10 million compared to average share volume of 7.45 million. After the recent gains, the market cap of firm was noted at $854.5 million.