A Reed Smith energy transactions team has successfully advised Diversified Energy Company in connection with an innovative and first-of-its-kind asset-backed securitization (ABS) and equity capital transaction with a cash value to Diversified of approximately $200 million.
The deal, led by Reed Smith partners Ryan Purpura and Ryan Haddad, involved the securitization of producing oil and gas assets in Pennsylvania and Ohio (the Assets) and accompanying notes offering via special purpose vehicle (SPV), and the subsequent sale of 80% of the SPV’s parent entity. Following consummation of the transactions, Diversified retains a 20% equity interest and operatorship of the Assets.
Diversified Energy Company plc (LON:DEC), formerly Diversified Gas & Oil plc, is a gas and oil production company operating in the Appalachian Basin in the United States.
