Diversified Gas to pay down revolver via asset-backed notes placement

By Wendy Van Sickle

Columbus, Ohio, Oct. 30 – Diversified Gas & Oil plc plans to issue non-recourse asset-backed securities in a private placement transaction and to use the proceeds to reduce borrowings under its revolving credit facility, according to a London Stock Exchange notice.

The company said it and will collateralize the notes with a portion of its working interest from its existing upstream proved-developed-producing asset portfolio.

Diversified Gas & Oil is a Birmingham, Ala.-based producing oil company.

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