Denbury to repay bank borrowings with asset sale proceeds

By Sara Rosenberg

New York, Oct. 19 - Denbury Resources Inc. plans to repay the majority of outstanding amounts under its credit facility using proceeds from the sale of its Louisiana natural gas assets, according to a company news release.

The company's bank borrowing base will not be affected by the sale and will remain unchanged at $500 million.

The about $180 million sale of the assets to a privately held company is expected to close in 30 to 45 days.

Denbury is a Plano, Texas-based independent oil and gas company.

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