Debt | Financial Results | Hedging | Capital Markets
Denbury's Borrowing Base Lowered, Hedging Added
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Denbury Resources Inc. has announced that it has completed its May 2016 credit facility borrowing base redetermination, as well as an amendment to such credit facility.
The redetermination resulted in a revised borrowing base and commitment level of $1.05 billion, as compared to the Company’s previous commitment level of $1.50 billion, now rendering the lender commitments and borrowing base under the credit facility identical. The Company’s next scheduled borrowing base redetermination will occur on or about November 1, 2016.
Among other changes, the amendment to the credit facility:
permits the Company to incur up to $1 billion of junior lien debt that may be issued in exchange for, or the proceeds of which may be used to purchase, refinance or replace the Company’s existing senior…
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