Denbury Resources late yesterday completed an offering of subordinated notes via bookrunners Bank of America, J.P. Morgan, Credit Suisse, Wells Fargo, RBC, and Credit Agricole, according to sources. Demand for a the deal led to a $200 million upsizing as terms were finalized at the tight end of talk. Proceeds will be used to fund the tender offer for the 9.75% and 9.5% notes due 2016, to repay borrowings under the company’s credit facility, and for general corporate purposes, according to SEC filings. Denbury is an independent oil and natural-gas company with properties in the Gulf Coast region located in Mississippi, Texas, Louisiana, and Alabama as well as in the Rocky Mountain region. Terms:
| Issuer | Denbury Resources |
| Ratings | BB/B1 |
| Amount | $1.2 billion |
| Issue | subordinated notes (SEC Reg.) |
| Coupon | 4.625% |
| Price | 100 |
| Yield | 4.625% |
| Spread | T+279 |
| FRN eq. | L+274 |
| Maturity | July 15, 2023 |
| Call | nc5 |
| Trade | Jan. 22, 2013 |
| Settle | Feb. 5, 2013 (T+10) |
| Joint Bookrunners | BAML/JPM/CS/WF/RBC/CA |
| Co-leads | |
| Co’s. | |
| Px talk | 4.625-4.875% |
| Notes | w/ three-year equity clawback for 35% @ 104.625; carries T+50 make-whole call; w/ change-of-control put @ 101; upsized by $200 million. |