Simpson Thacher Represents JPMorgan as Financial Advisor to Denbury Resources in its $4.5 billion Acquisition of Encore
11.03.09
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Simpson Thacher is representing J.P. Morgan in financing and advising upon the $4.5 billion acquisition of Encore Acquisition Company by Denbury Resources, including the assumption of debt and the value of minority interests. The combined company will be one of the largest crude oil-focused independent exploration and production companies in North America.
Denbury intends to finance the transaction with a combination of equity and debt, and has received a commitment letter for an underwritten financing from J.P. Morgan for a new $1.6 billion revolving credit facility and a $1.25 billion bridge financing to senior subordinated high-yield bonds.
Simpson Thacher used a multi-disciplinary team to advise J.P. Morgan: Alan Brenner and Wendy Wu (Credit); Mario Ponce, Brian Gingold and Jason Breen (M&A); and Gary Sellers, Arjun Koshal, Yueting Liang and Kate Renaud (Securities).