The Firm is representing JPMorgan Chase Bank, N.A. in connection with $1.6 billion in committed financing for Denbury Resources Inc. related to its announced acquisition of Penn Virginia Corporation, consisting of a $1.2 billion reserve based facility, which will replace Denbury’s existing reserve based facility, and a $400 million bridge facility.
Denbury is an independent oil and natural gas company with operations focused in the Gulf Coast and Rocky Mountain regions. Denbury’s goal is to increase the value of its properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to CO2 enhanced oil recovery operations.
Penn Virginia is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, operating in the Eagle Ford shale in south Texas.
The Simpson Thacher team includes Bill Sheehan and Catherine Burns (Banking and Credit); Art Robinson, Ben Heriaud and Matt Petrone (Corporate); Jon Cantor and Jasmine Hay (Tax); Jeanne Annarumma and Tatiana Mejia-Uribe (ECEB); and Mike Isby (Environmental).