Diversified Energy Regulatory News (DEC)

26 September 2023

 Diversified Energy Company PLC

("Diversified" or the "Company")

Diversified Announces Increase in Borrowing Base

Diversified 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. 

Rusty Hutson, Jr., CEO of Diversified, commented:

"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."

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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.