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REG - Diversified Energy - Sustainability-Linked Loan Amendment

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RNS Number : 6847V  Diversified Energy Company PLC  11 August 2022

11 August 2022

 

Diversified Energy Company PLC

("Diversified," or the "Company")

 

Sustainability-Linked Loan Amendment

 

Diversified Energy Company PLC (LSE:DEC) announces enhanced alignment of its
Revolving Credit Facility led by KeyBank National Association (the "Facility")
with its stated ESG initiatives through an amendment converting the Facility
into a Sustainability-Linked Loan ("SLL").

 

Diversified's integration of the SLL principles emphasises the Company's
commitment to continuous ESG improvement by incorporating the following three
sustainability-linked performance targets ("SPTs"):

•     Greenhouse gas emissions (GHG) intensity reduction targets (Scope
1 & 2)

•     Asset Retirement targets above current levels

•     Safety-related performance targeting a decrease in Total
Recordable Incident Rate ("TRIR")

 

The amendment also extends the SSL's maturity to August 2026, reaffirms the
borrowing base of $300 million and included no other material changes to
pricing or terms.

 

Rusty Hutson, Jr., CEO of the Company, commented:

 

"We are pleased to incorporate our commitments to emissions reductions, asset
retirement and safety into the terms of our syndicated credit facility, making
our SLL the Company's fourth sustainability-linked instrument aligned with our
ESG performance targets.  These measurable SPT's, if achieved, will reduce
our cost of capital and increase our potential to attract new bank capital. I
would like to once again thank the members of our bank syndicate for
partnering with us on this important change and for their continued support of
our stewardship strategy."

 

The SLL was structured in collaboration with CIBC as Lead Sustainability
Structuring Agent, DNB as Co-Sustainability Structuring Agent and Redbridge
Debt and Treasury Advisory as the Company's advisor for the transaction.

 

For further information, please contact:

 Diversified Energy Company PLC            +   1 (205) 408 0909
 Doug Kris
 www.div.energy (https://www.div.energy/)
 ir@dgoc.com

 FTI Consulting
 Us & UK Financial Public Relations
 DEC@fticonsulting.com

 

About Diversified Energy Company PLC

Diversified Energy Company PLC is an independent energy company engaged in the
production, marketing and transportation of primarily natural gas related to
its synergistic US onshore upstream and midstream assets.

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