Denbury Resources Inc.’s Private Exchange

Davis Polk advised an ad hoc group of noteholders in connection with their private exchange with Denbury Resources Inc. of approximately $364 million aggregate principal amount of 5.50% senior subordinated notes due 2022 and $246 million aggregate principal amount of 4.625% senior subordinated notes due 2023 for approximately $382 million aggregate principal amount of new 9.25% senior secured second-lien notes due 2022 and approximately $85 million aggregate principal amount of 3.50% convertible senior notes due 2024.

Headquartered in Plano, Texas, Denbury is an independent oil and natural gas company with operations focused in the Gulf Coast and the Rocky Mountains region. The company specializes in carbon dioxide enhanced oil exploitation and drilling methods, which enable it to extract oil from fields that have been previously exploited.

The Davis Polk restructuring team included partner Damian S. Schaible (Picture) and associates Adam L. Shpeen, Dylan A. Consla and Samuel A. Wagreich. The capital markets team included partner Marcel Fausten and associate Jennifer (Yujia) Jiang. The equity derivatives team included partner John M. Brandow and counsel Justin Michael. The credit team included partners Lawrence E. Wieman and James A. Florack.

Involved fees earner: Damian Schaible – Davis Polk & Wardwell; Adam Shpeen – Davis Polk & Wardwell; Dylan Consla – Davis Polk & Wardwell; Samuel Wagreich – Davis Polk & Wardwell; Marcel Fausten – Davis Polk & Wardwell; Jennifer Jiang – Davis Polk & Wardwell; John Brandow – Davis Polk & Wardwell; Justin Michael – Davis Polk & Wardwell; Lawrence Wieman – Davis Polk & Wardwell; James Florack – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Denbury Resources Inc.’s Ad Hoc Group of Noteholders;

Print Friendly, PDF & Email

Author: Ambrogio Visconti