Alvarez & Marsal is serving as restructuring advisor, Evercore is acting as financial advisor and Kirkland & Ellis is acting as legal counsel to Denbury Resources, which entered into a restructuring support agreement with funded debtholders.
Denbury Resources agreed to acquire Penn Virgina in a deal valued by $1.7 billion. JPMorgan will provide a new $1.2 billion senior secured credit facility to support the acquisition.
Denbury Resources’ borrowing base was downgraded to $1.05 billion, a reduction from the previous commitment level of $1.50 billion. JP Morgan Chase served as administrative agent.