Diversified Energy’s $365 Million Securitized Financing

Latham & Watkins represented Diversified Energy Company in the transaction.

Diversified Energy Company (LSE: DEC) (Diversified) has announced its closing on February 4, 2022 of an asset backed securitization (ABS) with sustainability-linked features, involving certain of its Appalachian assets along with certain midstream assets and revenue streams.

Diversified will use the ABS proceeds to reduce its revolving credit facility borrowings and create additional liquidity.

Diversified Energy Company is an independent energy company focused on acquiring and enhancing primarily natural gas producing assets and related midstream infrastructure in the US onshore, with current operations in the Appalachia Basin and the central US states of Louisiana, Oklahoma and Texas.

Latham & Watkins represented Diversified, working closely with Ben Sullivan, Executive Vice President and General Counsel of Diversified and Michelle Matthews, Associate General Counsel, on the transaction. Latham’s team was led by Austin partner David Miller (Picture) and Houston partner Jeff Munoz, with Houston associates Alice Parker, Zainab Hashmi, and Morgan Moore. Advice was also provided on derivative-related matters by New York partner Yvette Valdez and Washington, D.C. counsel Brett Ackerman; on structured finance matters by New York partner Loren Finegold; on bankruptcy structuring matters by New York partner David Hammerman; on finance matters by Houston partner Pamela Kellet and Houston counsel Natalie McFarland; on tax matters by Houston partners Tim Fenn and Jim Cole, with Houston associate Emily Fawcett; and on environmental matters by Los Angeles counsel Josh Marnitz.

Involved fees earner: Brett Ackerman – Latham & Watkins; Jim Cole – Latham & Watkins; Emily Fawcett – Latham & Watkins; Timothy Fenn – Latham & Watkins; Loren Finegold – Latham & Watkins; David Hammerman – Latham & Watkins; Zainab Hashmi – Latham & Watkins; Pamela Kellet – Latham & Watkins; Joshua Marnitz – Latham & Watkins; Natalie McFarland – Latham & Watkins; David Miller – Latham & Watkins; Morgan Moore – Latham & Watkins; Jeffrey Muñoz – Latham & Watkins; Alice Parker – Latham & Watkins; Yvette Valdez – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Diversified Energy Company PLC;