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.
Latham & Watkins LLP 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 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.