Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) is offering up to 8.5 million shares in the US as part of a fundraising effort to help pay for its planned acquisition of Maverick Natural Resources.
If the deal doesn’t go ahead, the company says the money will go towards paying off debt and general corporate expenses.
The natural gas producer has hired Citigroup and Mizuho to manage the offering, with an extra 850,000 shares available for purchase by the banks if there’s enough demand.
The final size and price of the offering will depend on market conditions, and there’s no guarantee it will go ahead.
Diversified’s acquisition of Maverick, announced in January, is a major move for the company.
However, the share sale is not dependent on the deal closing, and vice versa.
The company has already filed the necessary paperwork with US regulators, and the shares will be offered through an official prospectus.