Diversified Energy Company PLC Unanimous Approval of Borrowing Base
May 18 2023 - 2:00AM
RNS Non-Regulatory
TIDMDEC
Diversified Energy Company PLC
18 May 2023
18 May 2023
Diversified Energy Company PLC
("Diversified" or the "Company")
Unanimous Approval of Borrowing Base
Diversified Energy Company PLC (LSE:DEC) ("Diversified" or "the
Company") is pleased to announce its successful completion of the
Spring 2023 regularly scheduled semi-annual Borrowing Base
Redetermination. The Company received 100% approval from its
14-bank lending syndicate of the facility's $375 million borrowing
base, which is structured as a Sustainability-Linked Loan ("SLL")
and aligned with the Company's commitment to continuous ESG
improvement. As previously announced in its first quarter trading
statement, the Company ended the quarter with $110 million of
liquidity.
Rusty Hutson, Jr., CEO of Diversified, commented:
"We are grateful for the unanimous approval from our 14 banks of
the $375 million Sustainably-Linked Loan borrowing base. Their
support reflects confidence in the quality of our assets and our
ability to acquire additional high-quality, mature-producing
assets. I continue to be proud of our team's accomplishments and
look forward to building on our success in 2023 as we
systematically service our amortizing debt to create value for
shareholders and optionality for the future. I would like to thank
the members of our bank syndicate for their partnership and support
of our stewardship strategy."
For further information, please contact:
Diversified Energy Company
PLC +1 973 856 2757
Doug Kris dkris@dgoc.com
www.div.energy
FTI Consulting dec@fticonsulting.com
US & UK Financial Public Relations
About Diversified Energy Company PLC
Diversified Energy Company PLC is an independent energy company
engaged in the production, marketing, transportation, and
retirement of primarily natural gas related to its US onshore
upstream and midstream assets.
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END
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