Business
Unanimous Approval of Borrowing Base
Unanimous Approval of Borrowing Base.
About this update from Diversified Energy Company
[{"type":"text","content":"\n\n18 May 2023\n \n Diversified Energy Company PLC\n(\"Diversified\" or the \"Company\")\n \nUnanimous Approval of Borrowing Base\n \nDiversified 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. \n \nRusty Hutson, Jr., CEO of Diversified, commented:\n \n\"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.\"\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":4648,"tagName":"div"}]