Business
Diversified Announces Increase in Borrowing Base
Diversified Announces Increase in Borrowing Base.
About this update from Diversified Energy Company
[{"type":"text","content":"\n\n26 September 2023\n \n Diversified Energy Company PLC\n(\"Diversified\" or the \"Company\")\n \nDiversified Announces Increase in Borrowing Base\n \nDiversified Energy Company PLC (LSE:DEC) (\"Diversified\" or \"the Company\") is pleased to announce its completion of the semi-annual borrowing base redetermination for the Company's revolving credit facility, structured as a Sustainability-Linked Loan. The borrowing base under the facility was increased to $425 million from $375 million with 100% approval from Diversified's 14-bank lending syndicate, resulting in current liquidity of approximately $120 million. \n \nRusty Hutson, Jr., CEO of Diversified, commented:\n \n\"We thank all the members of our lending syndicate for their continued support and confidence in Diversified's strong reserves base and sustainability practices, resulting in the unanimous borrowing base increase to $425 million for Diversified's Sustainably-Linked Loan. The expanded borrowing base reflects the quality and value of our asset base and the economics associated with our investments in the business.\"\n \n \nFor further information, please contact:\n\n\n\nDiversified Energy Company PLC\n\n\n +1 973 856 2757\n\n\n\n\nDoug Kris\n\n\[email protected]\n\n\n\n\nwww.div.energy\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nFTI Consulting\n\n\[email protected]\n\n\n\n\nUS & UK Financial Public Relations\n\n\n \n\n\n\n \nAbout Diversified Energy Company PLC\nDiversified 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.\n\n","length":4417,"tagName":"div"}]