NYSE:DECOil and Gas
How DEC’s US$200m High-Coupon Nordic Bond Tap Could Reshape Diversified Energy’s Risk-Reward Profile
Diversified Energy Company recently completed a US$200,000,000 tap-on issuance of its 9.75% senior secured bonds due 2029 through subsidiary Diversified Gas & Oil Corporation in the Nordic bond market, increasing the total size of this bond series to US$500,000,000 and securing them against key U.S. assets and intercompany loans.
The new bonds come with leverage, asset coverage, equity and liquidity covenants that tighten financial discipline and could meaningfully shape Diversified’s...