BIRMINGHAM, AL / ACCESSWIRE / August 11, 2022 / Diversified Energy Company PLC (LSE:DEC) ("Diversified," or the "Company") 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 emphasizes 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 SLL'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 | ||
FTI Consulting | ||
Us & UK Financial Public Relations | ||
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.
SOURCE: Diversified Energy Company PLC