Denbury Resources Inc. (DNR) announced that it has priced offering of $1 billion of Senior Subordinated Notes due 2020. The company expects to close the sale of notes on February 10, 2010.
The company said that the offering net proceeds will be placed in escrow pending the closing of merger of Encore Acquisition Company with and into Denbury.
Upon the closing of the merger, $400 million of the escrowed proceeds will be released to Denbury to finance a portion of the merger consideration. In addition, on or about the date of the closing, Denbury intends to offer to buy three series of Encore's outstanding senior subordinated notes.
The company plans to uses remaining $600 million of escrowed proceeds to fund repurchases pursuant to these offers or any change of control offers to be made upon consummation of the merger.
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