Business
Pricing of Offering of Ordinary Shares
Pricing of Offering of Ordinary Shares.
About this update from Diversified Energy Company
[{"type":"text","content":"\n\nFebruary 20, 2025\n \nDiversified Energy Company PLC\n(\"Diversified\" or the \"Company\")\n \nDiversified Energy Announces Pricing of Offering of Ordinary Shares\n \nDiversified Energy Company PLC (LSE: DEC; NYSE: DEC) (\"Diversified\" or the \"Company\"), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the pricing of its previously announced underwritten public offering (the \"Offering\") of 8,500,000 ordinary shares (the \"Shares\") at a public offering price of $14.50 per Share for total gross proceeds of approximately $123.3 million. The Offering is expected to settle on February 21, 2025, subject to customary closing conditions. In addition, Diversified has granted the underwriters a 30-day option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount.\n \nCitigroup and Mizuho are acting as joint book-running managers and underwriters for the Offering. KeyBanc Capital Markets, Truist Securities, Jefferies and Raymond James are also acting as joint book-running managers and underwriters for the Offering. Johnson Rice & Company, Pickering Energy Partners, Stephens Inc. and Stifel are acting as co-managers and underwriters for the Offering.\n \nThe Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the \"Acquisition\"). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.\n \nA shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the \"SEC\") on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC's website free of charge at www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus relating to and describi...