Issuer: | Denbury Resources Inc. | |
Security Description: | Senior Subordinated Notes | |
Distribution: | SEC Registered | |
Aggregate Principal Amount: | $400,000,000 | |
Gross Proceeds: | $400,000,000 | |
Net Proceeds (Before Expenses): | $393,000,000 | |
Coupon: | 6 3/8% | |
Maturity: | August 15, 2021 | |
Offering Price: | 100.000% of face amount, plus accrued interest from February 17, 2011 |
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Yield to Maturity: | 6.375% | |
Spread to Benchmark Treasury: | +285 bps | |
Benchmark Treasury: | UST 2.625% due 11/15/20 | |
Interest Payment Dates: | February 15 and August 15, commencing August 15, 2011 |
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Optional Redemption: | Make-whole call at
T+50 until August 15, 2016 On or after August 15, 2016: 103.188% On or after August 15, 2017: 102.125% On or after August 15, 2018: 101.062% On or after August 15, 2019 and thereafter: 100% |
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Equity Clawback: | Prior to August 15, 2014, up to 35% may be redeemed at 106.375% |
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Change to Description of Notes | Under the caption Description of the NotesCertain CovenantsLimitation on Restricted Payments, the carve-out for |
repurchases of equity from employees, former employees, directors and former directors in clause (b)(4) is increased from $2 million to $3 million. |
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Trade Date: | February 3, 2011 | |
Settlement: | T+10; February 17, 2011 | |
CUSIP: | 247916 AC3 | |
ISIN: | US247916AC30 | |
Ranking: | Senior subordinated unsecured obligations of Issuer |
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Denominations: | 2,000x1,000 | |
Book-Running Managers: | Merrill Lynch, Pierce, Fenner & Smith Incorporated J.P. Morgan Securities LLC Credit Suisse Securities (USA) LLC UBS Securities LLC RBC Capital Markets, LLC Wells Fargo Securities, LLC |
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Co-Managers: | BNP Paribas Securities Corp. Scotia Capital (USA) Inc. Credit Agricole Securities (USA) Inc. Lloyds TSB Bank plc BBVA Securities Inc. Capital One Southcoast, Inc CIBC World Markets Corp. Comerica Securities, Inc. ING Financial Markets LLC KeyBanc Capital Markets Inc. Mitsubishi UFJ Securities (USA), Inc SMBC Nikko Capital Markets Limited SunTrust Robinson Humphrey, Inc. U.S. Bancorp Investments, Inc. |