Denbury Resources agrees to exchange notes for common stock, cash

By Caroline Salls

Pittsburgh, Nov. 15 – Denbury Resources Inc. entered into a series of privately negotiated exchange agreements between Nov. 11 and Nov. 14, according to an 8-K filed Friday with the Securities and Exchange Commission.

Under the agreements, Denbury issued or agreed to issue a total of 9.45 million shares of common stock and pay $2.27 million in cash in exchange for $3.07 million principal amount of its 5½% senior subordinated notes due 2022 and $21.08 million principal amount of its 4 5/8% senior subordinated notes due 2023.

Denbury said it may engage in similar transactions in the future but is under no obligation to do so.

Denbury is a Plano, Tex., oil and natural gas company.

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