Gulf Oil and Gas accountACCOUNT

Diversified Gas & Oil Closing of $1 billion Credit Facility

Source: www.gulfoilandgas.com 7/19/2018, Location: North America

Diversified Gas & Oil PLC the U.S.-based acquirer and operator of gas and oil producing assets, announced the closing of an enlarged $1 billion, five-year senior secured revolving credit facility (the "Facility") with KeyBanc Capital Markets ("KeyBanc"), The Huntington National Bank ("Huntington"), and Citizens Bank, N.A. ("Citizens") and Branch Banking and Trust Company ("BB&T") who collectively acted as joint lead arrangers. KeyBanc provided Diversified with a fully underwritten Borrowing Base in support of the Company's $575 million acquisition of EQT Corporation's southern Appalachian gas and oil and midstream assets (the "EQT Asset Acquisition"), and later partnered with Huntington and Citizens to co-underwrite the borrowing base prior to the broader re-syndication. Upon a successful re-syndication, the Facility includes five new lending institutions for a total of 11 participating banks, which include ING Capital LLC, IberiaBank, CIBC, Credit Agricole, US Bank, CIT Bank, and First Tennessee.

The Facility's current borrowing base of $600 million is three times larger than the prior facilities $200 million base, and highlights the strength of the Company's growing, high-quality base of proved reserves.

The enlarged Facility follows the highly successful completion of DGO's $250 million equity raise and its EQT Asset Acquisition, which increases the Company's proved-developed-producing reserves by more than 140% to approximately 2.4 trillion cubic feet of gas equivalent. The acquisition also provides the Company with a midstream asset that includes 6,400 miles of pipeline and 59 compressor stations that significantly enhance the economics of the Company's production in that region of the Basin.

CEO, Rusty Hutson, Jr. commented:
"Building on the strong relationship we have developed with KeyBanc, Huntington and Citizens, we are pleased to have closed on the EQT Asset Acquisition that underpinned our need to triple the size of our borrowing base in less than four months from first establishing the facility in March of this year. The completion of this enlarged facility strengthens our balance sheet, affords us more than $200 million of liquidity and maintains our low financing costs. I'd like to thank each of the banks for their support of our strategy to acquire long-life, low decline producing assets."

Financials and Investment News in United States >>

Brazil >>  8/15/2019 - MODEC, Inc. (MODEC) is pleased to announce that an affiliate of MODEC has issued a project bond in the international capital markets outside Japan to ...
Saudi Arabia >>  8/12/2019 - Saudi Aramco announced for the first time its half-year financial results. The Company’s net income was $46.9 billion for the first half 2019, compare...

Egypt >>  8/7/2019 - The Dubai Financial Services Authority (DFSA) signed a memorandum of understanding (MoU) with the Central Bank of Egypt (CBE) to enhance the relations...
Iran >>  8/6/2019 - A meeting was held to expand joint cooperation between Petropars Group and Bank Melli Iran at the presence of Engineer Hamid-Reza Masoudi. A meeting w...

Cameroon >>  7/30/2019 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce an extension of its Bridging Loan Facility ("...
Falkland Islands >>  7/30/2019 - Rockhopper Exploration plc (RKH), the oil and gas company with key interests in the North Falkland Basin and the Greater Mediterranean region, is plea...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.