I view Denbury Resources' (DNR) recent debt exchange moves to be positive, although they don't really have any significant effect on the company's net debt or its interest costs for the time being.
The transactions have addressed most (72%) of Denbury's outstanding 2021 and 2022 subordinated notes though, leaving it with mostly its 2021 and 2022 second-lien debt to worry about refinancing then. This makes Denbury's job a bit easier, although I estimate that it may still need around $62 WTI oil to have a pretty decent chance of pulling the refinancing off.