Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) has completed its regularly scheduled semi-annual borrowing base redetermination for Spring 2023.
The company received 100% approval from its 14-bank lending syndicate of the facility's US$375mln (£300.8mln) borrowing base, which is structured as a sustainability-linked loan and aligned with the company's commitment to continuous ESG improvement.
As previously announced in its first-quarter trading statement, Diversified Energy ended the quarter with approximately US$110mln of liquidity.
In a statement, the company's hief executive Rusty Hutson, Jr. commented: "We are grateful for the unanimous approval from our 14 banks of the US$375mln 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."