Diversified Energy draws on revolver to buy ConocoPhillips assets

Chicago, Sept. 28 – Diversified Energy Co. plc said that it used cash on hand and existing availability on the company’s revolver to fund the $210 million purchase price of certain upstream assets and related facilities in Oklahoma and Texas from ConocoPhillips Co., according to a press release.

Post-transaction, the company has liquidity of approximately $200 million.

The company plans to increase this liquidity with a higher borrowing base on its credit facility, through the addition of the new assets as additional collateral.

Leverage, after the acquisition, measured by pro forma debt to adjusted EBITDA is around 2.2x.

Birmingham, Ala.-based Diversified Energy is an independent energy sector company engaged in the production, marketing and transportation of energy (primarily natural gas) with onshore U.S. upstream and midstream assets.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.