News Search:
Davis Polk Advises Ad Hoc Group of Noteholders in Connection with Private Exchange with Denbury Resources Inc.
12/8/2017

Davis Polk advised an ad hoc group of noteholders in connection with their private exchange with Denbury Resources Inc. of approximately $364 million aggregate principal amount of 5.50% senior subordinated notes due 2022 and $246 million aggregate principal amount of 4.625% senior subordinated notes due 2023 for approximately $382 million aggregate principal amount of new 9.25% senior secured second-lien notes due 2022 and approximately $85 million aggregate principal amount of 3.50% convertible senior notes due 2024.

Headquartered in Plano, Texas, Denbury is an independent oil and natural gas company with operations focused in the Gulf Coast and the Rocky Mountains region. The company specializes in carbon dioxide enhanced oil exploitation and drilling methods, which enable it to extract oil from fields that have been previously exploited.

The Davis Polk restructuring team included partner Damian S. Schaible and associates Adam L. Shpeen, Dylan A. Consla and Samuel A. Wagreich. The capital markets team included partner Marcel Fausten and associate Jennifer (Yujia) Jiang. The equity derivatives team included partner John M. Brandow and counsel Justin Michael. The credit team included partners Lawrence E. Wieman and James A. Florack. All members of the Davis Polk team are based in the New York office.