Print 
Denbury Resources Inc. has entered into a new five-year revolving credit facility which amends and restates the Company's prior facility that was set to mature in May 2016.
This new amended and restated revolving credit facility has a maximum facility size of $3.5 billion and an initial borrowing base of $3 billion. The Company elected to maintain the aggregate lender commitments at $1.6 billion to be consistent with the Company's prior facility. The Facility provides for an annual redetermination of the borrowing base around May 1 of each year and permits the Company to increase the aggregate lender commitments up to the borrowing base amount with approval and incremental commitments from the existing lenders or new lenders. The Facility also reduces borrowing costs by 25 basis points on the drawn spread, provides for a lower interest rate on the undrawn spread, and grants Denbury the option to release all collateral upon the receipt of a single investment grade rating.
The Facility was provided by a syndicate of 24 financial institutions including JPMorgan Chase Bank, N.A., as administrative agent, and Bank of America, N.A. and Wells Fargo Bank, National Association as co-syndication agents.