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Diversified Gas & Oil confirms borrowing base at US$650mln

The firm's credit limit was affirmed at US$600mln and Credit Suisse, Goldman Sachs and Morgan Stanley have now joined the lending syndicate

Diversified Gas & Oil PLC - Diversified Gas & Oil confirms borrowing base at US$600mln

Diversified Gas & Oil PLC (LON:DGOC) has had its borrowing base reviewed and its credit limit set at US$650mln.

Presently, DGOC has drawn borrowings of US$437mln from the facility.

The redetermination of the borrowing base comes shortly after DGOC’s US$200mln securitisation financing, completed in November.

READ: DGOC flags 10% production growth for the third quarter

At the same time, the company noted that Credit Suisse, Goldman Sachs and Morgan Stanley have joined the lending syndicate which now includes a total of 17 banks.

“In addition to their lending capacity within the credit facility, these banks further enhance the suite of services available to DGO including long-tenor hedging capabilities suited to the Company's long-life, low-decline asset base,” DGOC said in a statement.

The credit facility is priced, unchanged, at LIBOR plus 2.0% to 3.0% depending upon utilisation and it matures in 2023.

DGOC noted that the next redetermination is set for Spring 2020.

Quick facts: Diversified Gas & Oil PLC

Price: 79.6 GBX

Market: AIM
Market Cap: £511.67 m

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