Diversified Energy converts revolver to green loan, extends maturity

By Mary-Katherine Stinson

Lexington, Ky., Aug. 11 – Diversified Energy Co. plc amended its existing revolving credit facility led by KeyBank NA to convert it into a sustainability-linked loan and extend the maturity to August 2026, according to a notice Thursday.

The amendment affirms the borrowing base at $300 million.

The following three-sustainability-linked performance targets were added: greenhouse gas emissions intensity reduction targets (scope 1 & 2); asset retirement targets above current levels; and safety-related performance targeting a decrease in total recordable incident rate.

CIBC was the lead sustainability structuring agent. DNB was the co-sustainability structuring agent.

Redbridge Debt and Treasury Advisory was the company's adviser for the transaction.

There were no other changes to prices or terms.

This is the fourth sustainability-linked instrument for the company.

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.

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