Kirkland & Ellis advised Diversified Energy Company PLC (LON/NYSE:DEC) on successfully closing an asset-backed securitisation (ABS) refinancing, resulting in the creation of the ABSVIII note. Diversified plans to use the proceeds from this transaction to repay the outstanding principal of the previously issued ABSIII and ABSV notes, thereby retiring these notes from the company’s outstanding debt. The additional proceeds will be directed towards reducing outstanding borrowings under the company’s revolving credit facility and for general corporate purposes.
The legal team from Kirkland & Ellis was led by corporate associates Isaac Bate and Rizwan Popatia, with support from corporate partners John Kaercher and Chris Heasley, asset finance and securitisation partners Jeff O’Connor and Rudgee Charles, debt finance partners Lucas Spivey and Michelle Williamson, along with associate Kirby Swartz, derivatives partner Brett Ackerman, and tax partners David Wheat and Tom Evans, as well as associate David Gilbert. Diversified’s in-house counsel, Ben Sullivan and Jamie Adkins, led the overall legal effort.
Diversified Energy Company plc (LON:DEC) is an independent energy company engaged in the production, marketing, transportation and retirement of primarily natural gas and natural gas liquids related to its U.S. onshore upstream and midstream assets.
