Diversified Energy Company PLC (LSE:DEC, NYSE:DEC, FRA:DG20) has launched a series of meetings with fixed income investor in relation to issuing new debt to be used for general corporate purposes.
The company said the aim was a potential tap issue of at least US$100 million on its outstanding senior secured bonds due April 2029.
This would mean issuing more debt on the same terms as the existing bonds.
DNB Carnegie has been appointed as manager and bookrunner, with the meetings beginning today.
Diversified noted that the issuance remains subject to market conditions.
In the back end of last year DEC raised its full-year targets following a record third quarter that saw profits, cash flow and shareholder returns all surge. Free cash flow of $144 million was generated, helped by $74 million of proceeds from asset sales under a portfolio optimisation programme.
DEC also completed the previously announced acquisition of Canvas Energy, adding operated producing assets and acreage positions in Oklahoma.