LONDON (Alliance News) - Diversified Gas & Oil PLC said Thursday that it closed a deal for a USD1 billion five-year senior secured revolving credit facility.
The facility, which is underwritten by 11 banks, has a borrowing base of USD600 million, three times higher than the previous facility's base of USD200 million.
The participatory banks are KeyBanc Capital Markets, The Huntington National Bank, Citizens Bank NA, Branch Banking and Trust Co, ING Capital LLC, IberiaBank, CIBC, Credit Agricole, US Bank, CIT Bank, and First Tennessee.
"The completion of this enlarged facility strengthens our balance sheet, affords us more than USD200 million of liquidity and maintains our low financing costs," Chief Executive Officer Rusty Hutson said.
In a separate statement, the company said it completed the acquisition of EQT Corp's southern Appalachian producing gas and oil and assets for USD575 million.
At the end of June, the company said the deal more than doubles its production to around 60,000 barrels of oil equivalent per day and boosts proven developed reserves to 393 million barrels of oil equivalent.
Shares in the oil & gas asset operator were tradingflat at 118.00 pence each on Thursday.
