Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Denbury Resources Downgrades

0
0

On December 4, 2017, S&P Global Ratings lowered its corporate credit rating on Denbury Resources Inc. to CC from CCC+ and its senior subordinated notes rating to CC from CCC+. According to S&P Global, the downgrade follows Denbury’s announcement that it has entered into privately negotiated exchange agreements with some holders of its senior subordinated notes due 2022 and 2023 to exchange a portion of these debts for new senior secured second-lien notes due 2022 and new convertible senior notes due 2024 at a discount of about 24% to par.

On December 5, 2017, Moody’s Investors Service changed Denbury Resources Inc.’s probability of default rating to Caa1-PD/LD from Caa1-PD, while affirming the Caa1 corporate family rating. The Company’s Senior Subordinated Notes were downgraded to Caa3 from Caa2 and the rating on its existing Senior Secured Second Lien Notes due 2021 was downgraded to Caa1 from B3. Moody’s considers Denbury’s notes exchange that captures a meaningful discount as a distressed exchange, which is an event of default under Moody’s definition of default. Read more on distressed companies.

The post Denbury Resources Downgrades appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images