Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) told investors it has raised $300 million through the placement of senior secured notes.
The debt, which carries a fixed coupon of 9.75% per annum, will mature in April 2029.
Proceeds will be used to repay existing debt and support general corporate purposes.
“The new class of debt provides increased liquidity, which currently stands at approximately $440 million inclusive of the proceeds of the note offering, is leverage-neutral, and will enhance cash flow, allowing flexibility for continued investment in high rate of return opportunities,” DEC said in a statement.