Denbury Resources pricing $1 billion 10.5-year senior notes Tuesday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Jan. 22 - Denbury Resources Inc. plans to hit the market on Tuesday with a $1 billion offering of senior subordinated notes due July 2023 (existing ratings B1/BB), according to a market source and an S-3 ASR filing with the Securities and Exchange Commission.

Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC, RBC Capital Markets LLC and Credit Agricole Securities (USA) Inc. are joint bookrunners.

Scotiabank, Mitsubishi UFJ Securities (USA) Inc., UBS Securities LLC, Capital One, CIBC World Markets Corp., Comerica, U.S. Bancorp Investments Inc., ING Financial Markets LLC, SunTrust Robinson Humphrey Inc., KeyBanc Capital Markets LLC, SMBC and Fifth Third Securities Inc. are co-managers.

The SEC-registered notes will be non-callable for five years and carry a 101% poison put.

Proceeds will be used to fund the tender for the company's outstanding 9¾% notes and 9½% notes due 2016, to repay borrowings under the credit facility and for general corporate purposes.

Denbury Resources is a Plano, Texas-based oil focused exploration and production company.

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